{"id":12099,"date":"2024-03-28T21:01:22","date_gmt":"2024-03-28T19:01:22","guid":{"rendered":"https:\/\/forklog.com\/en\/kerrisdale-capital-labels-microstrategy-shares-as-overvalued\/"},"modified":"2024-03-28T21:01:22","modified_gmt":"2024-03-28T19:01:22","slug":"kerrisdale-capital-labels-microstrategy-shares-as-overvalued","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/kerrisdale-capital-labels-microstrategy-shares-as-overvalued\/","title":{"rendered":"Kerrisdale Capital Labels MicroStrategy Shares as Overvalued"},"content":{"rendered":"<p>Investment firm Kerrisdale Capital has described MicroStrategy shares as overvalued in its <a href=\"https:\/\/www.kerrisdalecap.com\/wp-content\/uploads\/2024\/03\/MicroStrategy-MSTR.pdf\" title=\"\">research report<\/a>.<\/p>\n<p><!--more--><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>&#8220;We are long on Bitcoin and short on MicroStrategy shares, a proxy for the leading cryptocurrency. They trade at an unjustified premium to the digital asset that determines their value,&#8221; the firm&#8217;s analysts noted.<\/cite><\/p><\/blockquote>\n<p>According to their observations, the software developer&#8217;s shares soared with the cryptocurrency market, but now &#8220;it&#8217;s too much.&#8221; Kerrisdale Capital expects to profit from short positions if MicroStrategy shares decline in value.\u00a0<\/p>\n<p>This week, the stock price of the firm founded by Michael Saylor reached a new high of $1909.5. The company&#8217;s market capitalization hit a new peak since March 2000 at $31.85 billion.<\/p>\n<p>MicroStrategy holds 214,246 BTC \u2014 over 1% of the total issuance of digital gold. The value of the held bitcoins exceeds $15 billion. The company <a href=\"https:\/\/u1f987.com\/en\/news\/michael-saylor-rules-out-bitcoin-sales-from-microstrategys-holdings\">does not plan<\/a> to sell the cryptocurrency in the near or long term.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"454\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/MicroStrategy-1-1024x454.png\" alt=\"MicroStrategy-1\" class=\"wp-image-229581\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/MicroStrategy-1-1024x454.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/MicroStrategy-1-300x133.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/MicroStrategy-1-768x340.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/MicroStrategy-1.png 1124w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/bitcointreasuries.com\/\">BitcoinTreasuries<\/a>.<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\">Bitcoin ETFs Alter Market Landscape<\/h2>\n<p>Kerrisdale Capital&#8217;s critical arguments largely rest on the thesis of expanding market participants&#8217; access to financial instruments serving as &#8220;proxy investments in Bitcoin.&#8221;<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>&#8220;The days when MicroStrategy shares represented a rare and unique way to access the leading cryptocurrency are long gone. Bitcoin is easily accessible through brokerage firms, crypto exchanges, and recently through <span data-descr=\"exchange-traded products\" class=\"old_tooltip\">ETP<\/span> and low-fee ETFs,&#8221; the firm&#8217;s report states.<\/cite><\/p><\/blockquote>\n<p>Kerrisdale Capital representatives also noted that they hold long positions in BlackRock&#8217;s IBIT and Fidelity&#8217;s FBTC instruments. The combined value of bitcoins in these ETFs has exceeded $17 billion.\u00a0<\/p>\n<p>Earlier in March, MicroStrategy additionally acquired 12,000 BTC. Shortly after, the company announced the issuance of $500 million in bonds to purchase more digital gold.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investment firm Kerrisdale Capital has described MicroStrategy shares as overvalued in its research report.<\/p>\n","protected":false},"author":1,"featured_media":12098,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[569,1207],"class_list":["post-12099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-etf","tag-microstrategy"],"aioseo_notices":[],"amp_enabled":true,"views":"31","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/12099","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=12099"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/12099\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/12098"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=12099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=12099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=12099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}