Kerrisdale Capital, an investment firm, believes that there are now many options for investors to gain exposure to Bitcoin, as several companies have received regulatory approval in January 2024. They mentioned that MicroStrategy (MSTR) stock, which was once a unique way to invest in Bitcoin, no longer holds that status.

The investment firm has taken short positions on MSTR stock, which has seen a significant increase of +681.72 in the past 30 days. Currently, the stock is trading at $1,704. Kerrisdale Capital has disclosed that they are bullish on bitcoin but bearish on MicroStrategy shares due to an unwarranted premium they believe the stock holds compared to the digital asset that influences its value.

Over the last 52 weeks, MSTR stock reached its highest point at $1999.99 and its lowest point at $266. Kerrisdale Capital commented that MicroStrategy shares have surged alongside the recent Bitcoin price rally, but cautioned that the market may have become overly enthusiastic.

Insights on Bitcoin and MicroStrategy by Micheal Saylor

Micheal Saylor, the former CEO of Microstrategy, is a prominent advocate for Bitcoin and believes that the company will continue to grow and attract new users of the cryptocurrency. Saylor, who is known for being a major crypto supporter, owns around 17,000 Bitcoin, valued at billions of dollars. Following the increased price of Bitcoin, Microstrategy’s market capitalization has surged by 173%.

As of now, Microstrategy's market capitalization stands at $28.92 Billion, a significant increase from $10.55 Billion earlier this year. Saylor has been vocal in the media about the growth potential of Bitcoin following the approval of the Bitcoin spot ETF.

Overview of Cryptocurrency Market Prices

Forbes reports that the global cryptocurrency market cap amounts to $2.78 Trillion, with an intraday trading volume of $107.74 Billion. Bitcoin (BTC) has experienced a 1.24% decrease in its trading value, currently priced at $70.11k.

The second-largest cryptocurrency, Ethereum, dropped by 1.39% in the past 24 hours, trading at $3.55k. Among the top gainers are Cat in a Dogs World (MEW) with a 52.59% rise, followed by The Doge NFT (DOG) at 38.30%, Qredo (QRDO) with 37.69%, LimeWire (LMWR) at 32.32%, and Vara Network (VARA) at 30.96%.

On the other hand, top losers include Pundi X (OLD) down by 42.45%, Coinmetro (XCM), PigCatSol (PC) with a 33.85% decrease, Moonwell (WELL) at 24.45%, Syncus (SYNC) dropped by 22.45%, and Aviator (AVI) with a 21.00% decline.

Disclaimer

The information presented in this article is solely for informational purposes and does not constitute financial or investment advice from the author or any individual mentioned.