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

“The days when MicroStrategy shares represented a rare, unique way to gain access to bitcoin are long over,” the note said, adding that “bitcoin is now easily obtainable through brokerages, crypto exchanges and more recently low fee exchange-traded products (ETPs) and exchange-traded funds (ETFs).”