Kerrisdale Capital Bets Against MicroStrategy Stock, Says Bitcoin Exposure Overvalued

• Kerrisdale Capital is short on MicroStrategy (MSTR) stock but long on bitcoin • Believes MicroStrategy shares trade at an unjustified premium to the bitcoin it holds • MicroStrategy once seen as a unique bitcoin investment gateway, but landscape has evolved • Expects premium on MicroStrategy shares to contract from current elevated levels • Sees Bitcoin/MicroStrategy relationship as distorted, presenting a compelling pairs trade