MicroStrategy Stock (MSTR) Trades at an Unjustifiable Premium to the Price of Bitcoin (BTC): Kerrisdale Capital

“Long gone are the days when MicroStrategy stocks represented a rare and unique way to access Bitcoin,” the note said. “Bitcoin is now easily obtainable through brokerages, cryptocurrency exchanges, and most recently, low-fee exchange-traded products (ETPs). ) and exchange traded funds (ETFs).”