MicroStrategy Trades at an Unjustifiable Premium to Bitcoin: Kerrisdale Capital

MicroStrategy Trades at an Unjustifiable Premium to Bitcoin: Kerrisdale Capital


Kerrisdale Capital is short MicroStrategy stock and long bitcoin. The stock’s relative attractiveness doesn’t justify paying more than double for the same coin, Kerrisdale said. MicroStrategy is no longer a unique way to gain access to bitcoin, it said.

Prominent short seller Kerrisdale Capital is short MicroStrategy (MSTR) stock and long bitcoin (BTC), it said in a report made public on Thursday.

“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,” the short seller wrote.

None of the reasons cited

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