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Kerrisdale Capital has argued in a recent report that MicroStrategy’s shares have become overvalued. “We are long Bitcoin and short shares of MicroStrategy, a proxy for Bitcoin which trades at an unjustifiable premium to the digital asset that drives its value,” the company stated.that the premium at which MicroStrategy’s shares are trading, representing over two and a half times the spot price of Bitcoin, is unwarranted, claiming that BTC would need to be trading at $177,000 to justify it.
The firm clarified that its analysis isn’t based on a bearish outlook towards Bitcoin or MicroStrategy individually but rather on the distorted While some argue for MicroStrategy’s premium due to its ability to reinvest software business cash flows, lack of management fees, liquidity, and ease of trading, Kerrisdale finds these arguments unconvincing.
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