A year ago, Citron Research, a well-known short selling firm then known as MicroStrategy, publicly recommended a short position in Strategy, while at the same time hinting at a long position in Bitcoin.
This call, made amid highly volatile crypto markets, has been around for quite some time.
MicroStrategy’s stock price has fallen 68% over the past 12 months, while Bitcoin (BTC)’s decline has been more modest at 15%. See below.
$MSTR How did this age?
One year ago today, Citron laid out a short $MSTR/long BTC trade. https://t.co/SCxZHvjykh
After 12 months: MSTR –68%, BTC –15%.
I’m proud of this timing. And I’m grateful for the good fortune I’ve always had in my role.
I still don’t understand…— Citron Research (@CitronResearch) November 21, 2025
In a recent social media post, Citron founder Andrew Left proudly highlighted his trading performance, reflecting on the results and noting the firm’s success in timing a bet against Michael Saylor’s business intelligence firm MicroStrategy.
Despite the company’s victory, Mr. Left expressed confusion at Mr. Saylor’s response to Mr. Citron’s call, adding, “To this day, I still cannot understand Mr. Saylor’s response to the call.” See below.
Citron’s bet was based on the idea that MicroStrategy, which has invested heavily in Bitcoin, would face significant losses as Bitcoin’s price fluctuates. The company’s move comes at a time when Saylor’s aggressive Bitcoin strategy was in the spotlight and the company’s stock’s dependence on cryptocurrency prices was seen as a weakness.
While the outcome of the deal is clear, the tension between the left and Saylor remains an interesting point in the ongoing debate over corporate Bitcoin adoption.
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