The Wall Street Journal
MicroStrategy stock is falling after a short seller said Thursday the company is overvalued. The hedge fund Kerrisdale Capital said it is long Bitcoin and short MicroStrategy, whose shares have rallied largely due to the soaring value of cryptocurrency owned by the company. “Our thesis is not predicated on a bearish view of bitcoin or MicroStrategy, but rather a belief that the relationship between the two has grown distorted,” wrote the hedge fund, who said the stock trades at a premium of more than two times the value of its bitcoin.