MicroStrategy shares plummeted sharply lower on Thursday after Citron Research said it shorted the stock against a long position in Bitcoin.“Much respect to @saylor, but even he must know $MSTR is overheated,

One of the more impressive runs higher ever seen in stocks took at least a brief breather on Thursday, with Bitcoin Development Company MicroStrategy (MSTR) sporting a double-digit percentage loss even as the price of bitcoin {{BTC}} surged to a new record high just shy of $100,

MicroStrategy shares rocketed higher again Wednesday, as the largest corporate holder of bitcoin reaps the benefits of record-high prices for the cryptocurrency.

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.

"Nearly four years ago, Citron was the first to tell readers that MicroStrategy was the ultimate way to invest in Bitcoin, setting a $700 target," the short seller said in a post on X. "Fast forward to today: MSTR has skyrocketed to over $5,