It seems there is less and less reason for investors to get into MicroStrategy to gain exposure to Bitcoin. In any case, that is a claim that the investment firm Kerrisdale Capital makes based on the introduction of the Spot Bitcoin ETFs.
MicroStrategy CEO Michael Saylor obviously disagrees.
MicroStrategy as Bitcoin investing: good or bad idea?
“Gone are the days when MicroStrategy represented a rare and unique way to invest in Bitcoin,” Kerrisdale Capital explained in a March 28 note.
“We are long Bitcoin and short MicroStrategy stock, an indirect way to invest in Bitcoin that trades at a price that is unjustifiable against Bitcoin.
MicroStrategy currently clocks in at $1,704, grew 66 percent over the past month and even 419 percent over the past six months. In contrast, Bitcoin has risen 15.8 percent over the past month and 163.31 percent over the last six months.
However, Michael Saylor remains confident about his company’s strategy.
Michael Saylor remains confident in MicroStrategy
Chairman and former CEO Michael Saylor still sees the company as an attractive investment for the market.
In December, he told Bloomberg TV that his company could still be of interest to people who are long Bitcoin. “The ETFs cannot play with borrowed money and charge an annual management fee. We give you access to leverage, but we do not charge a management fee for it,” says Saylor.
Michael Saylor recently announced that MicroStrategy will now be known as a “Bitcoin development company.”
In a February 12 interview, he explained that the move is a “natural decision” for the company, given the success of the Bitcoin strategy and MicroStrategy’s unique status as the largest corporate investor in Bitcoin.
Currently, MicroStrategy holds 214,246 Bitcoin, which represents a 54 percent increase from the same period in 2023.
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Source: https://newsbit.nl/microstrategy-koers-veel-te-hoog-ten-opzichte-van-bitcoin/
