Volatility in the Bitcoin Craze: MicroStrategy's Stock Price Plummets, Attracting Market Attention
On November 16, MicroStrategy (MSTR.US) saw its stock price plummet 16.16%, closing at $397.28, down 26% from its intraday all-time high of $543. This change was triggered by short-selling firm Citron Research's statement on social platform X (formerly Twitter), indicating that they had shorted MicroStrategy and pointed out its overvaluation. Citron had previously supported MicroStrategy in 2020, considering it the best way to invest in Bitcoin, but as the ease of investing in Bitcoin has increased, MicroStrategy's trading volume has detached from Bitcoin's fundamentals.
As the world's largest corporate holder of Bitcoin, MicroStrategy currently owns over 331,200 Bitcoins, accounting for 1.5% of the global circulating supply. Although its stock price has doubled since November 5, exceeding Bitcoin's increase of over 40%, Citron warned investors that it may be wiser to invest directly in Bitcoin ETFs (like iShares Bitcoin Trust).
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