MicroStrategy Inc shares tumbled after Andrew Left’s Citron Research said in a post on X that it’s betting against the software company, which has effectively transformed itself into a Bitcoin investment fund.

Citron Research has taken a short position in MicroStrategy , the company said in a post on social media platform X on Thursday.

MicroStrategy stock tumbles from early highs as Citron Research announces short position, despite 582% YTD gains and recent $4.6B Bitcoin purchase.

Citron said it had hedged its perspective with a short position against MicroStrategy, even though it maintained a positive outlook on BTC. Supported by robust investor attitude toward BTC markets, MicroStrategy shares remain up 78% from Election Day and have gained 529% YTD despite Thursday's selloff.

MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional Bitcoin BTC/USD and for general corporate purposes. MicroStrategy holds a total of 331,200 Bitcoin purchased at an average price of approximately $49,874 per coin as of Nov. 17.

MicroStrategy’s stock surges toward a fourth-straight record, and fourth-straight double-digit gain, as bitcoin continues march toward $100K.

MicroStrategy is severely overvalued with a 150% premium over Bitcoin. Learn why MSTR stock is a Sell and direct Bitcoin purchases or ETFs are better alternatives.