Wall Street’s Big Short: The Corporate Bitcoin Treasury Craze Is Repeating the SPAC Bubble Risk

Odaily Planet Daily News: Wall Street’s prominent short seller Jim Chanos has sounded the alarm over the current frenzy surrounding corporate Bitcoin treasuries, likening it to the SPAC (Special Purpose Acquisition Company) mania of 2021—when $90 billion was raised in just three months, only to end in a dramatic collapse.
But this time, the difference is that public companies are buying Bitcoin by issuing convertible bonds and preferred shares, without engaging in any other substantive business activities.
“What we’re seeing now in the Bitcoin treasury market is almost identical to the SPAC madness of 2021,” Chanos said on a podcast this week. “There are major announcements almost every day—hundreds of millions every night.”