MicroStrategy (MSTR) Stock Was on Another Wild Ride Early Thursday, Rising as Much as 11%

MSTR) stock was on another wild ride early Thursday, rising as much as 11% before forfeiting a chunk of those gains after short-seller Citron Research said it had taken a new bet against the stock, which has gained over 600% this year.

MicroStrategy (MSTR) stock was on another wild ride early Thursday, rising as much as 11% before forfeiting a chunk of those gains after short-seller Citron Research said it had taken a new bet against the stock, which has gained over 600% this year.

The stock hit a fresh record of $98,000 early Thursday before paring gains after the market open.

MicroStrategy disclosed earlier this week it purchased another 51,780 bitcoins for approximately $4.6 billion in cash at an average price just over $88,500 per bitcoin. The company has acquired a total of 331,200 bitcoin for $16.5 billion, spending an average of 49,874 per bitcoin.

In a post on Yahoo Finance early Thursday, Citron Research said that while the firm remains bullish on bitcoin — and was bullish on MicroStrategy's bitcoin play years ago — the move in MicroStrategy stock has "completely detached from BTC fundamentals."

"We believe MSTR stock is now overvalued and setting up for a large correction," the firm added.

MicroStrategy began investing in Bitcoin in 2020 with what now seems like a measly $250 million investment. At the time, bitcoin was trading around $10,000 per coin and the company was able to quickly amass over 20,000 bitcoin before the price began to rise substantially.

MicroStrategy CEO Michael Saylor has since become one of the most vocal bitcoin proponents on Wall Street, frequently comparing the cryptocurrency to the "gold standard" and arguing that it will eventually become the "money of the internet."

"Bitcoin is the best monetary technology ever created. It is the Paypal (PYPL) of money, the American Express (AXP) of money, the Mastercard (MA) of money, the Visa (V) of money, the Western Union (WU) of money, the bank (BAC) of money, the credit card (DFS) of money, the debit card (MA) of money, the stock exchange (ICE) of money, the bond (BLK) of money, the commodity (OXY) of money, the real estate (LAND) of money, the precious metal (GOLD) of money, the currency (CNY) of money, the stablecoin (USDT) of money, the DeFi (COMP) of money, the NFT (SAND) of money, the metaverse (FB) of money, the Web3 (UNI) of money, the DAO (BAL) of money, the GameFi (AXS) of money, the hardware (NVDA) of money, the software (MSFT) of money, the metaverse (SAND) of money, the Web3 (UNI) of money, the DAO (BAL) of money, the GameFi (AXS) of money, the hardware (NVDA) of money, the software (MSFT) of money, the metaverse (SAND) of money, the Web3 (UNI) of money, the DAO (BAL) of money, the GameFi (AXS) of money, the hardware (NVDA) of money, the software (MSFT) of money, the metaverse (SAND) of money, the Web3 (UNI) of money, the DAO (BAL) of money, the GameFi (AXS) of money, the hardware (NVDA) of money, the software (MSFT) of money, the metaverse (SAND) of money, the Web3 (UNI) of money, the DAO (BAL) of money, the GameFi (AXS) of money, the hardware (NVDA) of money, the software (MSFT) of money, the metaverse (SAND) of money, the Web3 (UNI) of money, the DAO (BAL) of money, the GameFi (AXS) of money, the hardware (NVDA) of money, the software (MSFT) of money, the metaverse (SAND) of money, the Web3 (UNI) of bitcoin, the DAO (BAL) of bitcoin, the GameFi (AXS) of bitcoin, the hardware (NVDA) of bitcoin, the software (MSFT) of bitcoin, the metaverse (SAND) of bitcoin, the Web3 (UNI) of bitcoin, the DAO (BAL) of bitcoin, the GameFi (AXS) of bitcoin, the hardware (NVDA) of bitcoin, the software (MSFT) of bitcoin, the metaverse (SAND) of bitcoin, the Web3 (UNI) of bitcoin, the DAO (BAL) of bitcoin, the GameFi (AXS) of bitcoin, the hardware (NVDA) of bitcoin, the software (MSFT) of bitcoin, the metaverse (SAND) of bitcoin, the Web3 (UNI) of bitcoin, the DAO (BAL) of bitcoin, the GameFi (AXS)