**[Kynikos Founder Jim Chanos Closes MSTR and Bitcoin Hedge Trade]** Jim Chanos, founder of Kynikos Associates, has announced the closure of his hedge trade involving MSTR stock and Bitcoin. The trade was established in May, betting on the narrowing of the premium between MSTR's stock price and the value of its Bitcoin holdings. Currently, MSTR's price-to-book ratio has dropped from its yearly high of 1.8x to 1.1x, with the premium shrinking by over 50%. Chanos had previously warned about SPAC-style speculative risks for companies holding Bitcoin, arguing that their valuation premiums lack fundamental support. He also criticized other Bitcoin treasury companies for relying on financial engineering, cheap capital, and market frenzy in their trades.