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International Business Times

Business

Marvie Basilan

UNCOVERED: Microstrategy slumps after kerrisdale capital goes short on bitcoin giant - The Untold Story

MicroStrategy Bitcoin Kerrisdale Kerrisdale Capital MSTR Michael Saylor

Michael Saylor's MicroStrategy is has been riding the tide in Bitcoin's recent bull run. (Credit: YouTube Screenshot/MicroStrategy Official YouTube Channel)

KEY POINTS

Kerrisdale noted that "things have gotten carried away" during the Bitcoin bull run
It said MSTR was trading "at an unjustifiable premium" to BTC, which drives the stock's value
Despite MSTR's Thursday slump, the stock is still up year-to-date by 150%

Bitcoin maximalist Michael Saylor's MicroStrategy dropped as much as 14% Thursday after investment management firm Kerrisdale Capital said it was "short" on the business intelligence company, citing a potential overpricing of the MSTR stock.

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