MicroStrategy stock was on another wild ride Thursday morning as the company continues to ride the fortunes of bitcoin's rally to record highs.

Citron Research has taken a short position in MicroStrategy, the company said in a post on social media platform X on Thursday. Shares of the largest corporate holder of bitcoin were last down more than 8%. They opened sharply higher on a rally in bitcoin prices, which were nearing $100,000 after crypto-friendly Donald Trump's victory in the U.S. presidential election.

The Ether-to-Bitcoin price ratio has fallen to 0.032, marking its lowest point since March 2021, as Bitcoin continues its upward trajectory, recently surpassing $97,700.

Inspired by Internet memes and current events, and promoted by influencers, meme coins and tokens have shot to prominence.

The U.S. government announced charges against five individuals accused of carrying out a multi-year hacking spree targeting tech giants and cryptocurrency owners, which security researchers dubbed 0ktapus. On Wednesday, the U.S. Department of Justice published a press release announcing the charges against the five alleged hackers: Ahmed Hossam Eldin Elbadawy, 23, of College Station, Texas; Noah Michael Urban, 20, of Palm Coast, Florida; Evans Onyeaka Osiebo, 20, of Dallas, Texas; Joel Martin Evans, 25, of Jacksonville, North Carolina; and Tyler Robert Buchanan, 22, from the United Kingdom, who was arrested in Spain earlier this year.