Cointelegraph spoke with Sahm Adrangi, chief investment officer of Kerrisdale Capital, to find out why his firm is betting on a price drop for MicroStrategy stock.
Investment firm Kerrisdale Capital is shorting MicroStrategy stock, which itCointelegraph spoke with Sahm Adrangi, chief investment officer at Kerrisdale Capital, to better understand why Kerrisdale believes MicroStrategy stock is overpriced.“They own X amount of Bitcoin,” he said.
Saylor is one of Bitcoin’s staunchest advocates, and his Bitcoin strategy has led MicroStrategy to hold significant quantities of Bitcoin. On June 20, MicroStrategyfor $786 million, bringing the total number of Bitcoin in its possession to 226,331 BTC. Kerrisdale has previously shorted companies in biotechnology and the traditional mining sector but is now taking increased interest in cryptocurrency.June report that Cointelegraph previously covered
Zackary Morris, a research analyst at Bitcoin financial services firm Onramp, would seem to be in the former category. Morris, an avowed fan of Kerrisdale who has followed their short ideas previously, has also found reason to criticize its MicroStrategy proposition.in an April LinkedIn post: “It currently trades for 250% of the value of its bitcoin holdings. It traded for the value of its bitcoin holdings as recently as January.
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