MicroStrategy Tumbles After Citron Research Shorts the Stock

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MicroStrategy Tumbles After Citron Research Shorts the Stock

Bloomberg11-22 06:58

Andrew Left’s firm is short MicroStrategy, bullish on BitcoinShares of MicroStrategy have surged along with Bitcoin in 2024MicroStrategy Inc shares tumbled after Andrew Left’s Citron Research said in ...

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MicroStrategist
·11-22 20:55
$MicroStrategy(MSTR)$ And the MicroStrategist still lives on!!! Kuddos to the Bitking Saylor!!! 🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🤙🌙🌙🌙🌙🌙🌙🌙🌙🤑🤑🤑🤑🤑🤑🤑🤑 On track to the moon!!!!
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MicroStrategist
·11-22 10:10
$MicroStrategy(MSTR)$ Keep shorting. It will backfire into a squeeze. Ask Saylor!!
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Kuddos to the Bitking Saylor!!! 🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🤙🌙🌙🌙🌙🌙🌙🌙🌙🤑🤑🤑🤑🤑🤑🤑🤑 On track to the moon!!!!","listText":"<a href=\"https://ttm.financial/S/MSTR\">$MicroStrategy(MSTR)$&nbsp;</a><v-v data-views=\"1\"></v-v> And the MicroStrategist still lives on!!! Kuddos to the Bitking Saylor!!! 🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🤙🌙🌙🌙🌙🌙🌙🌙🌙🤑🤑🤑🤑🤑🤑🤑🤑 On track to the moon!!!!","text":"$MicroStrategy(MSTR)$ And the MicroStrategist still lives on!!! Kuddos to the Bitking Saylor!!! 🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🤙🌙🌙🌙🌙🌙🌙🌙🌙🤑🤑🤑🤑🤑🤑🤑🤑 On track to the moon!!!!","images":[{"img":"https://community-static.tradeup.com/news/7a4a61ff06e245359e6d15d69c804d84"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/373845069734072","repostId":2485414054,"repostType":2,"repost":{"id":"2485414054","pubTimestamp":1732229915,"share":"https://ttm.financial/m/news/2485414054?lang=&edition=fundamental","pubTime":"2024-11-22 06:58","market":"us","language":"en","title":"MicroStrategy Tumbles After Citron Research Shorts the Stock","url":"https://stock-news.laohu8.com/highlight/detail?id=2485414054","media":"Bloomberg","summary":" -- 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","content":"<html><head></head><body><ul style=\"\"><li><p>Andrew Left’s firm is short MicroStrategy, bullish on Bitcoin</p></li><li><p>Shares of MicroStrategy have surged along with Bitcoin in 2024</p></li></ul><p><a href=\"https://laohu8.com/S/MSTR\">MicroStrategy</a> 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. </p><p>The stock fell 16% on Thursday trading Thursday, reversing a gain of nearly 15% from earlier in the session. By Thursday’s close, Microstrategy had surged 529% this year.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/3aa29b408f12c4e4574d2c0d44741ee8\" tg-width=\"792\" tg-height=\"846\"/></p><p>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.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/82de3f14fec479c22ed77b3e90eb3d5e\" title=\"\" tg-width=\"548\" tg-height=\"335\"/></p><p>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.” </p><p>MicroStrategy did not immediately respond to a Bloomberg News request for comment. </p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/f42fe14c998cafeb34f8385eb5ebddb4\" title=\"\" tg-width=\"1200\" tg-height=\"675\"/></p><p>The surge in Bitcoin — which pushed over $98,000 Thursday — has also lifted MicroStrategy shares. The company now has a market capitalization of more than $100 billion, making it as valuable as one of the top 100 stocks in the S&amp;P 500. </p><p>Citron Research is not the first to suggest hedging a bullish Bitcoin position by shorting MicroStrategy. In March, Kerrisdale Capital Management LLC made a similar suggestion, saying that it was long Bitcoin but short shares of MicroStrategy. </p><p>MicroStrategy Falls as Kerrisdale Shorts, Says It’s Long Bitcoin</p><p>The post is one of few public positions that Citron has put out since founder Andrew Left was charged with securities fraud in July. In September, the firm posted about another previous bet on private prisons.</p><p>In October, Left asked a judge to dismiss the US Securities and Exchange Commission’s lawsuit against him. </p></body></html>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>MicroStrategy Tumbles After Citron Research Shorts the Stock</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMicroStrategy Tumbles After Citron Research Shorts the Stock\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-22 06:58 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/microstrategy-tumbles-citron-research-shorts-162250207.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Andrew Left’s firm is short MicroStrategy, bullish on BitcoinShares of MicroStrategy have surged along with Bitcoin in 2024MicroStrategy Inc shares tumbled after Andrew Left’s Citron Research said in ...</p>\n\n<a href=\"https://finance.yahoo.com/news/microstrategy-tumbles-citron-research-shorts-162250207.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4601":"加密货币现货ETF","BK4585":"ETF&股票定投概念","BK4594":"比特币ETF概念","BK4588":"碎股","BK4023":"应用软件","BK4516":"特朗普概念","BK4595":"比特币概念","BK4596":"哈里斯概念","BK4600":"加密货币概念"},"source_url":"https://finance.yahoo.com/news/microstrategy-tumbles-citron-research-shorts-162250207.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2485414054","content_text":"Andrew Left’s firm is short MicroStrategy, bullish on BitcoinShares of MicroStrategy have surged along with Bitcoin in 2024MicroStrategy 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 16% on Thursday trading Thursday, reversing a gain of nearly 15% from earlier in the session. By Thursday’s close, Microstrategy had surged 529% 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 immediately respond to a Bloomberg News request for comment. The surge in Bitcoin — which pushed over $98,000 Thursday — has also lifted MicroStrategy shares. The company now has a market capitalization of more than $100 billion, making it as valuable as one of the top 100 stocks in the S&P 500. Citron Research is not the first to suggest hedging a bullish Bitcoin position by shorting MicroStrategy. In March, Kerrisdale Capital Management LLC made a similar suggestion, saying that it was long Bitcoin but short shares of MicroStrategy. MicroStrategy Falls as Kerrisdale Shorts, Says It’s Long BitcoinThe post is one of few public positions that Citron has put out since founder Andrew Left was charged with securities fraud in July. In September, the firm posted about another previous bet on private prisons.In October, Left asked a judge to dismiss the US Securities and Exchange Commission’s lawsuit against him.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":373561720979664,"gmtCreate":1732241457275,"gmtModify":1732241597788,"author":{"id":"3561713422683896","authorId":"3561713422683896","name":"MicroStrategist","avatar":"https://community-static.tradeup.com/news/a1f9b1071e75ec59572f7ba9bbb0a4ed","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":2,"crmLevelSwitch":1,"idStr":"3561713422683896","authorIdStr":"3561713422683896"},"htmlText":"<a href=\"https://ttm.financial/S/MSTR\">$MicroStrategy(MSTR)$&nbsp;</a><v-v data-views=\"1\"></v-v> Keep shorting. It will backfire into a squeeze. Ask Saylor!!&nbsp;","listText":"<a href=\"https://ttm.financial/S/MSTR\">$MicroStrategy(MSTR)$&nbsp;</a><v-v data-views=\"1\"></v-v> Keep shorting. It will backfire into a squeeze. Ask Saylor!!&nbsp;","text":"$MicroStrategy(MSTR)$ Keep shorting. It will backfire into a squeeze. Ask Saylor!!","images":[{"img":"https://community-static.tradeup.com/news/e27e6dcfcba9bfb05393e991b60bfe0b"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/373561720979664","repostId":2485414054,"repostType":2,"repost":{"id":"2485414054","pubTimestamp":1732229915,"share":"https://ttm.financial/m/news/2485414054?lang=&edition=fundamental","pubTime":"2024-11-22 06:58","market":"us","language":"en","title":"MicroStrategy Tumbles After Citron Research Shorts the Stock","url":"https://stock-news.laohu8.com/highlight/detail?id=2485414054","media":"Bloomberg","summary":" -- 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","content":"<html><head></head><body><ul style=\"\"><li><p>Andrew Left’s firm is short MicroStrategy, bullish on Bitcoin</p></li><li><p>Shares of MicroStrategy have surged along with Bitcoin in 2024</p></li></ul><p><a href=\"https://laohu8.com/S/MSTR\">MicroStrategy</a> 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. </p><p>The stock fell 16% on Thursday trading Thursday, reversing a gain of nearly 15% from earlier in the session. By Thursday’s close, Microstrategy had surged 529% this year.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/3aa29b408f12c4e4574d2c0d44741ee8\" tg-width=\"792\" tg-height=\"846\"/></p><p>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.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/82de3f14fec479c22ed77b3e90eb3d5e\" title=\"\" tg-width=\"548\" tg-height=\"335\"/></p><p>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.” </p><p>MicroStrategy did not immediately respond to a Bloomberg News request for comment. </p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/f42fe14c998cafeb34f8385eb5ebddb4\" title=\"\" tg-width=\"1200\" tg-height=\"675\"/></p><p>The surge in Bitcoin — which pushed over $98,000 Thursday — has also lifted MicroStrategy shares. The company now has a market capitalization of more than $100 billion, making it as valuable as one of the top 100 stocks in the S&amp;P 500. </p><p>Citron Research is not the first to suggest hedging a bullish Bitcoin position by shorting MicroStrategy. In March, Kerrisdale Capital Management LLC made a similar suggestion, saying that it was long Bitcoin but short shares of MicroStrategy. </p><p>MicroStrategy Falls as Kerrisdale Shorts, Says It’s Long Bitcoin</p><p>The post is one of few public positions that Citron has put out since founder Andrew Left was charged with securities fraud in July. In September, the firm posted about another previous bet on private prisons.</p><p>In October, Left asked a judge to dismiss the US Securities and Exchange Commission’s lawsuit against him. </p></body></html>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>MicroStrategy Tumbles After Citron Research Shorts the Stock</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMicroStrategy Tumbles After Citron Research Shorts the Stock\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-22 06:58 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/microstrategy-tumbles-citron-research-shorts-162250207.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Andrew Left’s firm is short MicroStrategy, bullish on BitcoinShares of MicroStrategy have surged along with Bitcoin in 2024MicroStrategy Inc shares tumbled after Andrew Left’s Citron Research said in ...</p>\n\n<a href=\"https://finance.yahoo.com/news/microstrategy-tumbles-citron-research-shorts-162250207.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4601":"加密货币现货ETF","BK4585":"ETF&股票定投概念","BK4594":"比特币ETF概念","BK4588":"碎股","BK4023":"应用软件","BK4516":"特朗普概念","BK4595":"比特币概念","BK4596":"哈里斯概念","BK4600":"加密货币概念"},"source_url":"https://finance.yahoo.com/news/microstrategy-tumbles-citron-research-shorts-162250207.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2485414054","content_text":"Andrew Left’s firm is short MicroStrategy, bullish on BitcoinShares of MicroStrategy have surged along with Bitcoin in 2024MicroStrategy 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 16% on Thursday trading Thursday, reversing a gain of nearly 15% from earlier in the session. By Thursday’s close, Microstrategy had surged 529% 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 immediately respond to a Bloomberg News request for comment. The surge in Bitcoin — which pushed over $98,000 Thursday — has also lifted MicroStrategy shares. The company now has a market capitalization of more than $100 billion, making it as valuable as one of the top 100 stocks in the S&P 500. Citron Research is not the first to suggest hedging a bullish Bitcoin position by shorting MicroStrategy. In March, Kerrisdale Capital Management LLC made a similar suggestion, saying that it was long Bitcoin but short shares of MicroStrategy. MicroStrategy Falls as Kerrisdale Shorts, Says It’s Long BitcoinThe post is one of few public positions that Citron has put out since founder Andrew Left was charged with securities fraud in July. In September, the firm posted about another previous bet on private prisons.In October, Left asked a judge to dismiss the US Securities and Exchange Commission’s lawsuit against him.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":10,"commentSize":2,"repostSize":3,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}