Posted 3/28/2024, 2:48:00 PM
Kerrisdale Bets Against MicroStrategy, Seeing Bitcoin Exposure Overvalued Compared to $177K Implied Price
- Kerrisdale Capital is shorting MicroStrategy stock while going long on bitcoin, believing MicroStrategy is overvalued compared to bitcoin
- MicroStrategy shares have jumped amid the bitcoin rally, but Kerrisdale says the valuation is unjustifiable
- MicroStrategy's bitcoin holdings represent most of its $28B valuation, but Kerrisdale says MicroStrategy's share price implies a bitcoin price of $177K
- Kerrisdale argues MicroStrategy is no longer a unique bitcoin investment given new options like bitcoin ETFs
- Total short interest in crypto stocks is $10.7B, with MicroStrategy and Coinbase making up 84% of bearish bets
