BlockBeats reports that on July 18, renowned Wall Street short-seller Jim Chanos has sounded the alarm on the hot phenomenon of corporate Bitcoin treasuries. Chanos likened it to the fervor of the SPAC (Special Purpose Acquisition Company) wave in 2021 - during which $90 billion was raised in just three months, followed by a brutal collapse.
But this time, the difference is - listed companies are purchasing Bitcoin through the issuance of convertible bonds and preferred stocks, without engaging in any substantial business.
"The situation we are seeing in the Bitcoin treasury market now is reminiscent of the SPAC frenzy in 2021," Chanos said this week on a podcast, "There are significant announcements almost every day - 'hundreds of millions every night.'"
