A year ago, Citron Research made a bold call: short MicroStrategy, go long Bitcoin.
At the time, the crypto market was swinging wildly, and many people weren’t sure whether Citron’s bet made any sense. Now, the results are pretty clear.
Over the past 12 months, MicroStrategy’s stock has plunged 68%, while Bitcoin has dropped only 15%. For Citron, the numbers speak for themselves.
Andrew Left, the founder of Citron Research, recently posted about the trade on social media, proudly pointing out how well the call performed. He also added that he still doesn’t understand why MicroStrategy’s chairman, Michael Saylor, reacted so strongly to Citron’s analysis.
Citron’s idea was simple: MicroStrategy was too tied to Bitcoin’s price swings. Since the company had turned itself into a massive Bitcoin holder, its stock became extremely sensitive to crypto volatility. Citron believed this made MSTR far riskier than Bitcoin itself — and the past year has proven that view right.
The clash between Citron and Saylor adds another layer to the story. Saylor has spent years pushing corporations to adopt Bitcoin as a treasury asset, while critics say the strategy exposes shareholders to unnecessary risk. The market’s performance over the last year only keeps that debate alive.
For now, one thing is clear: Citron’s call hit the mark — and the tension between Andrew Left and Michael Saylor doesn’t seem to be going anywhere.
