MicroStrategy Falls 16% Despite New Bitcoin Record as Some Question Valuation

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MicroStrategy Falls 16% Despite New Bitcoin Record as Some Question Valuation

Coindesk2024-11-21

One of the more impressive runs higher ever seen in stocks took at least a brief breather on Thursday, with Bitcoin Development Company MicroStrategy (MSTR) sporting a double-digit percentage loss even as the price of bitcoin (BTC) surged to a new record high just shy of $100,000.

At one point lower by more than 20%, MicroStrategy closed the session down 16.2%. The move isn't much more than a large blip on the longer-term chart, with shares still higher by more than five-fold for 2024 and ahead nearly eight times from the level of one year ago.

"MicroStrategy's [valuation] has completely detached from bitcoin fundamentals," wrote Citron Research's Andrew Left earlier in the day. A former bull on the stock who recommended four years ago that investors get long bitcoin by buying MicroStrategy, Left said he remains bullish on BTC but has hedged by shorting MSTR.

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