MSTR stock price plunged 11%! Kerrisdale Capital Long Bitcoin, Short MicroStrategy

Kerrisdale Capital released a research report on Thursday stating that the institution is long Bitcoin, but short the stock of the listed company Bitcoin Overlord MicroStrategy, pointing out that MicroStrategy stocks are Bitcoin Coin-based alternative investments have traded at an unreasonable premium to the Bitcoin that drives their value: MicroStrategy’s share price has soared following the recent rise in Bitcoin prices. However, as is often the case in the cryptocurrency space, things got out of hand.

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

Kerrisdale Capital believes that with the advent of Bitcoin spot ETFs, micro-strategy stocks are no longer the main way to obtain Bitcoin exposure: the days when micro-strategy stocks were a path and unique way to obtain Bitcoin, Gone forever. Now, Bitcoin has become easily accessible through brokers, cryptocurrency exchanges and, more recently, low-fee ETPs and ETFs.

Since the Bitcoin spot ETF was approved for listing in January this year, its cumulative trading volume has so far exceeded US$150 billion and has attracted a net 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 currently continues to implement its corporate strategy of accumulating Bitcoin. The company currently holds 214,246 Bitcoins, accounting for 1% of the total supply of Bitcoin. The holding cost is US$7.53 billion, and the current holding value It was US$15.08 billion, with a float-to-profit ratio of US$7.55 billion.

##MicroStrategy’s stock price plummeted

After the report was released, MicroStrategy’s stock price plunged $273.64, or 14.3%, to $1,645.52 during trading on Thursday. It closed down $214.60, or 11.18%, to $1,704.56. Although Thursday's plunge was more severe, MicroStrategy's stock price has still surged 169.87% this year.

Coindesk reported that Kerrisdale was not the only investor shorting MicroStrategy stocks. According to a previous report by S3 Partners, the total short position in cryptocurrency-related stocks was $1.07 billion, of which MicroStrategy and Coinbase accounted for these short positions. 84% of the total position.

Where to buy Bitcoin and how to buy it

1. Binance binance

Binance (Binance) exchange is a global A cryptocurrency exchange that serves 180 countries and regions including North America, Europe, Taiwan, the Middle East, Hong Kong, and Malaysia, provides more than 600 cryptocurrencies, and has 120 million registered users worldwide. Since 2018, Binance has been considered the world’s largest cryptocurrency exchange in terms of trading volume, with a 24-hour trading volume of US$76 billion.

Inventory: Founder Zhao Changpeng and his old employer Okcoin have been having constant disputes. They were not optimistic at first, but later they found that the performance of the platform was quite impressive!

2. Ouyi okx

OKX is the world's top two virtual currency trading and Web3 platform, providing Bitcoin (BTC), Ethereum (ETH), USDT, Shiba Inu (SHIB), Ripple XRP, Dogecoin (Doge), etc. to global users. Cryptocurrency and derivatives trading services for virtual currency assets, allowing you to conveniently and quickly manage investments in cryptocurrencies and other assets.

Inventory: OuYi’s trading volume, number of currencies, and security are among the best in China, and its handling fees are also low.

3. Huobi.com

Huobi Global Professional Station is an innovative digital asset international station under Huobi Group that serves professional trading users around the world. It is committed to discovering high-quality innovative digital asset investments. Opportunity currently provides trading and investment services in more than 40 digital asset categories. It is headquartered in Singapore and is operated by the Huobi Global Professional Station team. Huobi Group is a globally competitive and influential comprehensive digital asset service provider, providing high-quality services to millions of users in more than 130 countries. It has independent trading business and operation centers in Singapore, Hong Kong, South Korea, Japan and other countries and regions. Huobi Group is in a leading position in the world in terms of technology platform, product lines, security risk control system, operation and customer service system.

Inventory: It has set the highest record for global Bitcoin trading platforms and is one of the largest Bitcoin trading platforms in the world.

4.オープンセサミ Gate.io

Gate.io は、中国名「オープンセサミ」で 2013 年 4 月に設立されました。以前は中国の「Biter」取引所として知られていました。創設者は Han Lin です。技術的な背景を持つ博士。 Gate.io の当初の目的は、「ビットコインを信じるすべての人にとって安全な取引場所を見つけること」であり、この考えは Gate.io の開発に実装されました。 9.4 の規制政策強化後、Gate.io は中国を離れ、海外で展開しています。最近では、台湾、マレーシア、インドネシア、シンガポール、韓国などの東南アジア市場にも進出しています。 Gate.io は現在、英領ケイマン諸島に本社を置き、130 か国以上の 400 万人以上のユーザーに仮想通貨の法定通貨、スポット、デリバティブ取引を提供しています。同関係者は、100%証拠金監査証明、本物かつ透明性のある暗号資産取引サービスを提供すると主張している。

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