10x Research published an article on the X platform stating that MicroStrategy's stock price is overvalued by 60%, and according to its actual situation, the stock price is even overvalued by nearly 100%. A year ago, MicroStrategy's stock price did not have a premium relative to Bitcoin. This stock has become a typical representative of this Bitcoin bull market, while Grayscale GBTC's discounted price is a typical representative of the 2022 bear market. In fact, the stock should be traded at close to $1,000, not in the $1,700 to $2,000 range.
Earlier news, investment company Kerrisdale Capital believed that MicroStrategy's stock price was overvalued. The company holds a short position in MicroStrategy shares and a long position in BTC through BlackRock and Fidelity's spot Bitcoin ETF.
Kerrisdale Capital said in the report: "We are long Bitcoin and short MicroStrategy shares, which is a proxy for Bitcoin and trades at an unjustified premium to the digital asset that drives its value. MicroStrategy shares have surged with the recent rise in Bitcoin prices, but as is often the case in the cryptocurrency space, things have gotten carried away."