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.

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

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.

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

MicroStrategy (NASDAQ:MSTR) slumped 16.2% to $397.28/share on Thursday, reversing earlier gains that saw shares rise nearly 15%, after activist short seller Andrew Left's Citron Research bet against the "overheated" stock.

Shares of MicroStrategy Inc. ($MSTR) attracted significant attention among investors on Stocktwits Thursday, becoming the platform’s top trending symbol after short-seller Citron Research revealed it had taken a short position on the stock.