I tried building binutils-2.25 in a qemu chroot and I got the following error during the build process:
/bin/sh: Argument list too long
Google wasn’t helpful. So I looked at the code for qemu-2.2.0, which is where my static qemu binary comes from. At some point I stumbled on this line in
#define MAX_ARG_PAGES 33
I changed that 33 to a 64, rebuilt, replaced the approriate static binary in my chroot, and the error went away.