Stablecoin market cap unlikely to hit $2 trillion by 2028: JPMorgan

PANews reported on July 2 that according to GlobeNewswire, crypto asset management company Bitwise announced that it has listed the Bitwise NEAR pledged ETP (trading code: NEAR) on Xetra, a

Legendary short-seller Jim Chanos is taking aim at the rise of Bitcoin treasury companies that raise funds solely to stockpile the cryptocurrency. Key Takeaways: Jim Chanos slammed Bitcoin treasury firms like Michael Saylor’s Strategy. He warned that investors are being misled into believing stockpiling Bitcoin alone generates real economic value. Chanos also cautioned that the AI boom could face a sharp pullback. In a recent live interview for the Odd Lots podcast , Chanos criticized the business model popularized by Michael Saylor’s Strategy, calling its approach “financial gibberish.” Chanos noted that Strategy’s market capitalization now tops $100 billion, nearly double the roughly $60 billion worth of Bitcoin it holds on its balance sheet. Chanos Dismisses Saylor’s ‘Risk-Free’ Bitcoin Treasury Pitch Saylor has defended Strategy’s valuation, arguing that the company’s ability to raise capital at a premium effectively renders its strategy “risk-free.” Chanos, however, rejected that logic outright. “There’s a wonderful sales job that’s being done about the fact that this is an economic engine in and of itself,” he said. “And so therefore, terms like ‘Bitcoin yield’ are used and I’ve called them financial gibberish because they are.” His pointed comments continue a long-running feud with Saylor over Strategy’s true value, which Chanos argues is wildly disconnected from the worth of its Bitcoin holdings. He warned that investors are being misled by flashy narratives into believing these companies generate meaningful economic activity simply by accumulating digital assets. 👀 Famed short seller, Jim Chanos is going long BTC, shorting MSTR. At Sohn Conference, he said: “We’re buying Bitcoin, selling MicroStrategy stock—an arbitrage play, buying for $1, selling for $2.50.” Betting against MSTR’s premium. pic.twitter.com/PdN0mg5w9T — Coin Bureau (@coinbureau) May 15, 2025 Alongside his critique of Bitcoin treasuries, Chanos turned his attention to the red-hot artificial intelligence sector, cautioning that the AI boom could face a sharp correction. He drew parallels to the late-1990s frenzy surrounding networking giants like Cisco and Lucent, which rode the early internet wave to towering valuations before seeing orders collapse during the TMT bust. “There is an ecosystem around the AI boom that is considerable, as there was for TMT back in ‘99 and 2000,” Chanos said. “But it is a riskier revenue stream because if people pull back, they can pull back CapEx very easily.” He explained that corporate spending on data centers and semiconductors could quickly dry up if macroeconomic headwinds, like a cooling labor market or rising tariffs, force companies to pause investments. While Chanos acknowledged the AI sector has yet to hit a tipping point, he warned that many investors may be underestimating the risk of a sudden reversal in corporate demand. VanEck Raises Concerns Over Corporate Bitcoin Strategies Matthew Sigel, head of digital asset research at VanEck, has also voiced concerns over the Bitcoin treasury strategies adopted by some publicly traded firms, warning that aggressive BTC accumulation could ultimately hurt shareholders. Sigel singled out the use of at-the-market (ATM) share issuance programs, arguing that these can become dilutive if a company’s stock price nears its Bitcoin net asset value (NAV). As reported, over the past week, at least nine UK firms, from web design startups to mining businesses, have announced plans to buy Bitcoin or revealed recent purchases to add the cryptocurrency to their corporate treasuries. Among the UK firms, AI services provider Tao Alpha disclosed plans to raise £100 million after revealing a bitcoin treasury plan that triggered investor interest. Smarter Web Company, a small website design firm, saw its market value rocket from £4 million to over £1 billion in just two months after announcing its Bitcoin purchases in April, although shares have since cooled.