BTC to 80k MicroStrategy Is Up 170% This Year
Software company and big Bitcoin holder MicroStrategy was one of the top performing stocks of the first quarter. But one short-selling firm thinks it is overvalued and Bitcoin is a better bet for crypto fans.
Kerrisdale Capital said in a report Thursday it is long Bitcoin and short shares of MicroStrategy, arguing MicroStrategy is “a proxy for bitcoin which trades at an unjustifiable premium to the digital asset that drives its value.”
MicroStrategy’s stock tumbled 11% Thursday. But even after factoring in that decline, shares surged a staggering 170% in the first quarter of 2024, thanks in large part to Bitcoin’s recent rise above $70,000.
MicroStrategy owned 214,246 Bitcoins as of March 19, the most recent figures available in the company’s filings with the Securities and Exchange Commission. Based on Bitcoin’s late Friday price of around $69,680, MicroStrategy’s crypto stake is worth a little under $15 billion.
Kerrisdale Capital said in a report Thursday it is long Bitcoin and short shares of MicroStrategy, arguing MicroStrategy is “a proxy for bitcoin which trades at an unjustifiable premium to the digital asset that drives its value.”
MicroStrategy’s stock tumbled 11% Thursday. But even after factoring in that decline, shares surged a staggering 170% in the first quarter of 2024, thanks in large part to Bitcoin’s recent rise above $70,000.
MicroStrategy owned 214,246 Bitcoins as of March 19, the most recent figures available in the company’s filings with the Securities and Exchange Commission. Based on Bitcoin’s late Friday price of around $69,680, MicroStrategy’s crypto stake is worth a little under $15 billion.