Jim Chanos, a well-known short-seller, is raising alarms about companies whose primary financial strategy revolves around Bitcoin. He likens the current trend to the Special Purpose Acquisition Company (SPAC) bubble of 2021. Chanos highlights that many of these companies are primarily issuing convertible bonds and preferred stock simply to acquire Bitcoin, lacking a comprehensive business plan. He points to the rapid rise and subsequent collapse of SPACs like Lordstown Motors and Nikola as cautionary tales. These companies raised substantial capital but ultimately failed to deliver on their promises. Chanos fears a similar fate for companies heavily reliant on Bitcoin, predicting a potential bubble burst if the underlying cryptocurrency market experiences a downturn. Investors should exercise caution and carefully evaluate the long-term viability of these businesses beyond their Bitcoin holdings. ```

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