MicroStrategy Stock Surges 615% on Bitcoin Holdings But May Be Overvalued Compared to Buying Bitcoin Directly, Report Finds

MicroStrategy (MSTR) stock price has surged 615% in 2022, but is now overvalued compared to Bitcoin according to Kerrisdale Capital report
Report argues that MSTR no longer offers a unique way to invest in Bitcoin since ETFs are now available
MSTR holds over 214k Bitcoins worth $15B, but report says buying Bitcoin directly is a better investment
MSTR co-founder Michael Saylor argues that MSTR provides lower fee Bitcoin exposure, but report disputes this
Report says MSTR price has been driven by Bitcoin appreciation, yet MSTR trades at an "unjustifiable premium" to Bitcoin