Chanos is shorting Coinbase.

I seriously doubt Chanos just went short. The description should read that he is still short but put the position on at a much higher level. A few weeks ago he said he was short a bunch of the high PE tech stocks in a pair trade with the SPY.
 
GotherL said:
He is prolly manipulating a short squeeze.

No reputable fund manager could possibly be this dumb to go against such a strong trend in the market rn.
More...
GotherL said:
He is prolly manipulating a short squeeze.

No reputable fund manager could possibly be this dumb to go against such a strong trend in the market rn.
More...
Yeah, I was hesitant to say that because he is a fund manager who's been around a very long time and I'd hate to question someone with his track record.
 
I believe Yahoo Finance has an average target of $312 from the analyst estimates for COIN. When I looked in Ameritrade for next year's estimate is has COIN losing $0.50 a share. This is hard to believe, but Chanos must believe their earnings will be considerably less next year than the prior year. We shall see.
 
Seems all the CNBC talking heads love COIN yet all it does is go down. If these people were surgeons they would have been in jail by now.

Moffet Nathanson's forte is telecom & media stocks what do they know about crypto & fintech?

Coinbase & Robinhood are both in trouble due to the erosion of margins coming around the bend. I doubt anything can change that fact. Their only hope is to turn into the ICE or CME.
 
Chanos is one of the few real-deal fund managers out there. It takes genuine skill to survive as a pro short seller for over two decades, during the most epic bull market of all time. Pretty much the polar opposite of a Cathy Wood type.
 
A lot of people are criticizing Chanos for his earlier short position vs Tesla that failed. But to be honest, a lot of great shorters also targeted that one. Including Dr. Burry and Mark Baum. Interestingly, no one seems to criticize the latter two...

That said, PayPal is still struggling to keep above the $100 a share mark, after the recent tech-blowoff. Despite things don't look good for PayPal's future, it's still holding above that marker because the CEO believes in the company. You can tell because he's still holding his equity instead of selling off.

On the other hand, Brian Armstrong sold off his shares within the blink of an eye and went off buying his mansion and everything else. Obviously he not only has no incentive to carry on with COIN, but he had little faith in it going higher than the IPO, hence he dumped his shares. And to further add scrutiny, his board members did the same shit. Now I don't mean to point out the obvious, but when ever I've seen this behavior, it usually doesn't end well for the shareholders.

Brian Armstrong reminds me a lot of a former CEO, Trevor Milton from Nikola. Remember how he also sold off shares after the IPO and bought himself a mansion too etc? History may not exactly repeat, but it sure rhymes.

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