Kerrisdale Capital, a hedge fund, today disclosed a nuanced investment thesis: going long on Bitcoin while concurrently taking a short position on MicroStrategy shares. This move is predicated on the assessment that MicroStrategy, which has positioned itself as a de facto Bitcoin investment vehicle, is trading at a significantly unjustified premium to the underlying cryptocurrency that primarily constitutes its value.
Long Bitcoin, Short MSTR
The hedge fund’s analysis articulates, “Shares of MicroStrategy have soared amid a recent rise in the price of Bitcoin but, as is often the case with crypto, things have gotten carried away.” Kerrisdale highlights a critical discrepancy, noting that MicroStrategy’s stock price implies a BTC value of “over $177k, i.e., two and a half times the spot price of Bitcoin.”
Delving into the reasoning behind the premium on MicroStrategy’s shares, Kerrisdale debunks several arguments that have been made in favor of the company’s
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