Kerrisdale Capital: Long Bitcoin, Short MicroStrategy

Odaily News Investment firm Kerrisdale Capital is shorting MicroStrategy shares, saying the company's shares are trading at an "unreasonable premium" to Bitcoin. Sahm Adrangi, chief investment officer at Kerrisdale Capital, said: "Bitcoin prices must rise for MicroStrategy's value to rise. If Bitcoin prices fall, MicroStrategy's value will also fall, and MicroStrategy should trade at the value of Bitcoin, so our argument is 'short MicroStrategy, long Bitcoin'." (Cointelegraph)