MicroStrategy trades at ‘unjustifiable premium’ to bitcoin, says firm shorting company’s stock | Headlines | News | CoinMarketCap
03/28/2024 21:52Investment firm Kerrisdale Capital has argued in a new research report that MicroStrategy's shares have become overvalued. "We are long bitcoin and …
Investment firm Kerrisdale Capital has argued in a new research report that MicroStrategy's shares have become overvalued.
"We are long bitcoin and short shares of MicroStrategy, a proxy for bitcoin which trades at an unjustifiable premium to the digital asset that drives its value," Kerrisdale Capital said in the report. "Shares of MicroStrategy have soared amid a recent rise in the price of bitcoin but, as is often the case with crypto, things have gotten carried away."
In a disclaimer, Kerrisdale Capital said it holds short positions in MicroStrategy stock and will "realize gains" if the company's shares drop in price. Earlier this week, MicroStrategy's shares achieved a new all-time high Tuesday after surpassing $1,900, according to Yahoo Finance.
MicroStrategy didn't …