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MicroStrategy Tumbles After Citron Research Shorts the Stock
-- MicroStrategy Inc shares tumbled after Andrew Left’s Citron Research said in a post on X that it’s betting against the software company, which has effectively transformed itself into a Bitcoin investment fund.The stock fell as much as 10% in intraday trading Thursday, reversing a gain of nearly 15% from earlier in the session. By Wednesday’s close, Microstrategy had surged 650% this year.Under Chair Michael Saylor, MicroStrategy has become nearly synonymous with Bitcoin after it snapped up billions of dollars of the cryptocurrency, sometimes selling debt to finance the purchases. But with the rolllout of Bitcoin ETFs, investors can buy such funds directly instead of using MicroStrategy’s stock as a publicly traded proxy.Now that Bitcoin investing is “easier than ever,” MicroStrategy’s volume “has completely detached from BTC fundamentals,” Citron wrote in an X post, adding that “while Citron remains bullish on Bitcoin, we’ve hedged with a short $MSTR position.”MicroStrategy did not
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