Long Bitcoin, Short MicroStrategy: Citron Research ‘Proud Of The Timing’ One Year Later
Short seller Citron Research, led by Andrew Left, made a prediction one year ago. The firm bet on Bitcoin (CRYPTO: BTC), but against the Bitcoin treasury company Strategy Inc (NASDAQ:MSTR). Here are the results of the trade.
Citron Bets Against MicroStrategy
Citron Research, best known for betting against GameStop years ago, made a bet in November 2024 going long Bitcoin and short MicroStrategy, the company known as Strategy today.
“MSTR’s volume has completely detached from BTC fundamentals,” Citron’s Andrew Left tweeted one year ago.
The investor said he was hedging a long Bitcoin position with a short MicroStrategy position.
“Much respect to @saylor, but even he must know $MSTR is overheated,” Left said of the former Strategy CEO Michael Saylor, who is the current executive chairman.
Fast forward a year later and Citron is taking its victory lap.
“How did this one age? One year ago today, Citron laid out the short $MSTR / long BTC trade.”
In a tweet, Citron said Strategy stock is down 68% over the last year, while Bitcoin is down 15%.
“Proud of the timing – and grateful for the luck that always plays a part.”
Strategy stock fell over 16% on the day Citron announced its short position, marking its worst market performance in months. The stock has seen increased …
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