Kerrisdale Capital is long Bitcoin, but short micro-strategy! MSTR stock price plunged 11%

The website (120bTC.coM) stated that Kerrisdale Capital released a research report on Thursday indicating that the institution is long Bitcoin, but short the listed company Bitcoin currency holder Weibo. MicroStrategy stocks refer to MicroStrategy stocks, which are alternative investments to Bitcoin. Their stock prices have experienced an unreasonable premium compared to the Bitcoin that drives their value: With the recent rise in Bitcoin prices, MicroStrategy stock prices have soared. . However, as is often the case in the cryptocurrency space, things got out of hand.

Kerrisdale Capital pointed out that the current Bitcoin price implied by micro-strategy stocks has exceeded “$177,000”, which is 2.5 times the current price of Bitcoin. However, of all the reasons for the attractiveness of MicroStrategy’s share price, none justify paying well over twice the price for the same token.

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As of now, the Bitcoin Spot ETF has been launched in January 2021 After being approved for listing, the cumulative transaction volume to date has far exceeded US$150 billion and has attracted a net capital inflow of US$18.3 billion. Kerrisdale Capital disclosed that it holds long positions in the Bitcoin spot ETFs of BlackRock and Fidelity.

The company’s strategy is to continue to promote its strategy of accumulating Bitcoin. The company currently holds 214,246 Bitcoins, accounting for 1% of the total supply of Bitcoin, with a holding cost of US$7.53 billion, a current position value of US$15.08 billion, and a profit-to-profit ratio of 75.5%.

MicroStrategy’s stock price plummeted

After the release of this report, MicroStrategy’s stock price soared by US$273.64 to US$1,645.52 on Thursday, and finally closed up by US$214.60 to US$1,704.56. Although on Thursday Soaring. Since the beginning of this year, MicroStrategy’s stock price has still surged 169.87%.

Coindesk’s report pointed out that Kerrisdale is not the only investor investing in short micro-strategy stocks. According to a previous report by S3 Partners, the total short position of cryptocurrency-related stocks is $10.7 billion, of which micro-strategy and Coinbase accounts for 84% of these short positions.

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