MicroStrategy Falls as Kerrisdale Shorts, Says It’s Long Bitcoin
- The company is a Bitcoin proxy and often trades at a premium
- But “leverage cuts both ways,” Kerrisdale says in report
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Long Bitcoin, short shares of MicroStrategy Inc.
MicroStrategy shares tumbled as much as 14% Thursday after Kerrisdale Capital Management LLC said that’s the trade it has put on as the sizzling run-up in the stock, long considered a Bitcoin proxy, has far outpaced the surge in the digital asset. Bitcoin traded back above $71,000 Thursday, up about 3.5%.