10x Research: MicroStrategy's stock price is overvalued by 60%

ChainCatcher news, 10x Research posted on the X platform stating that MicroStrategy's stock price is overvalued by 60%, and based on its actual situation, the stock price is even overvalued by nearly 100%. A year ago, there was no premium on MicroStrategy's stock price relative to Bitcoin; this stock has become a typical representative of the current Bitcoin bull market, while the discount price of Grayscale GBTC is a typical representative of the 2022 bear market. In fact, the trading price of this stock should be close to $1000, rather than in the range of $1700 to $2000.

Previously, investment firm Kerrisdale Capital believed that MicroStrategy's stock price was overvalued. The firm holds a short position in MicroStrategy stock and has a long position in BTC through spot Bitcoin ETFs from BlackRock and Fidelity.

Kerrisdale Capital stated in the report: "We are long on Bitcoin and short on MicroStrategy's stock. MicroStrategy is a proxy for Bitcoin, and its trading price has an unreasonable premium over the digital assets that drive its value. With the recent rise in Bitcoin prices, MicroStrategy's stock price has soared, but as is often the case in the cryptocurrency space, things have become irrational."