Reported about 23 hours ago
MicroStrategy Inc's shares fell sharply by 16% to about $397 after Citron Research announced a bet against the company, which has heavily invested in Bitcoin. Despite the recent Bitcoin surge pushing its value past $98,000, Citron pointed out that investing in Bitcoin directly has become easier, leading to a disconnection between MicroStrategy's stock performance and Bitcoin fundamentals. MicroStrategy's market capitalization briefly exceeded $100 billion earlier this year, but the recent downturn has reduced it to approximately $89 billion.
Source: YAHOO