MicroStrategy Stock Plummets Amid Citron's Short Position Announcement
TL;DR
Citron Research has announced a short position in MicroStrategy, the largest corporate holder of bitcoin, citing a detachment from bitcoin fundamentals despite a recent surge in bitcoin prices. MicroStrategy's shares fell over 8% following the announcement, even as bitcoin prices approached $100,000 after Donald Trump's presidential election victory. Citron expressed respect for MicroStrategy's Executive Chairman Michael Saylor but suggested the company's stock is overheated. MicroStrategy has been actively raising capital to acquire more bitcoin, including a recent $2.6 billion debt offering.
- Citron Research discloses short position in bitcoin buyer MicroStrategy Reuters
- MicroStrategy Stock: Why Shares Are Down After a Citron Research Tweet Barron's
- MicroStrategy stock faces new short bet after stunning rally with bitcoin nearing $100,000 Yahoo Finance
- MicroStrategy Tumbles After Citron Research Shorts the Stock Bloomberg
- Short Seller Andrew Left Targets MicroStrategy Stock As Hedge Against Bullish Bitcoin Bet: 'Completely Detached From BTC Fundamentals' Benzinga
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