MicroStrategy sinks after Citron Research announces short position

Shares of MicroStrategy (MSTR) closed down 16% after Andrew Left’s Citron Research disclosed a short position the name. The short seller said earlier in the day via X: “Nearly 4 years ago to the date, Citron was the first to tell readers that MicroStrategy was the ultimate way to invest in Bitcoin, setting a $700 target. Fast forward to today: $MSTR has skyrocketed to over $5,000 (adjusted). Kudos to Michael Saylor for his visionary Bitcoin strategy. Now, with Bitcoin investing easier than ever (ETFs, $COIN, $HOOD), $MSTR’s volume has completely detached from BTC fundamentals. While Citron remains bullish on Bitcoin, we’ve hedged with a short $MSTR position. Much respect to @saylor, but even he must know $MSTR is overheated.” MicroStrategy closed Thursday down $76.55 to $397.28.