Renowned bears criticize Strategy for buying Bitcoin or reflecting weak demand for preferred stocks Renowned short seller James Chanos criticized Strategy for investing $51 million in Bitcoin recently, stating that this move indicates weak demand for its preferred stock. He also accused the company's chairman Michael Sellers of weakening shareholder protection measures. Strategy had previously promised to only issue stocks to pay debts or dividends when the market value to net asset value ratio is less than 2.5 times, rather than using them to purchase Bitcoin.