Jim Chanos Is Shorting Coinbase

Famous short-seller and fund manager Jim Chanos is shorting the cryptocurrency exchange Coinbase.

Famous fund manager Jim Chanos said that he shorted Coinbase, one of the world's largest cryptocurrency exchanges. "Coinbase is one of the bubble stocks," he told CNBC. Chanos said, arguing that the company's revenues will decrease as competition between exchanges increases. According to Chanos, Coinbase may not be profitable this year. Coinbase went public on the Nasdaq via direct listing in April last year. Shares of the stock market hit their highest level to date with $357 in November. It closed the last week at $185. Coinbase has a market cap of $40 billion today. The fund manager said, “There are many companies in the new economy that have real growth, real cash flow and real earnings, but there are also some that are sold purely based on stories, and we can argue that Coinbase is one such company.” Chanos also stated that he has also shorted Futu Holdings, but did not reveal the position size.