
KEY POINTS
- Back noted that auto-rebalancing only puts the ETF in the face of higher risks in a volatile market
- MicroStrategy's valuation is largely tied to its Bitcoin strategy that landed it a 214K BTC stash
- Kerrisdale Capital said late last month it was short on MSTR due to its potential overpricing
Michael Saylor's MicroStrategy recently launched a new exchange-traded fund (ETF), the Defiance 2X Short MSTR ETF, but not everyone was pleased with the product that was created to short the Bitcoin giant's stock.