ChainCatcher news, according to Cointelegraph, investment firm Kerrisdale Capital is shorting MicroStrategy stock, believing that its price has an "unfathomable premium" relative to the value of Bitcoin. Kerrisdale Capital's Chief Investment Officer Sahm Adrangi stated that MicroStrategy's business model primarily relies on holding a large amount of Bitcoin, but this is not enough to support its high valuation.According to their report, the Bitcoin price valuation of MicroStrategy stock is two and a half times the actual price. Adrangi recommends shorting MicroStrategy stock while going long on Bitcoin. MicroStrategy currently holds 226,331 BTC, with a total value of approximately $14.6 billion.

ChainCatcher news, Bitcoin-listed mining company Riot Platforms (RIOT) underperformed its peers on Wednesday, after the renowned short-selling firm Kerrisdale Capital announced its short position on RIOT stock while going long on Bitcoin (BTC). It is reported that Riot's stock was one of the worst-performing cryptocurrency-related stocks on Wednesday, falling over 6%. A representative from Riot did not immediately respond to a request for comment.