One 12 months in the past, Citron Analysis, the well-known short-selling agency, publicly beneficial a brief place on Technique, again when it was often called MicroStrategy, whereas concurrently suggesting a protracted place on Bitcoin.
The decision, which was made amid a extremely unstable crypto market, has aged effectively.
MicroStrategy’s inventory has dropped 68% over the previous 12 months, whereas Bitcoin (BTC) noticed a extra modest decline of 15%. See beneath.
$MSTR How did this one age?
One 12 months in the past as we speak, Citron laid out the quick $MSTR / lengthy BTC commerce. https://t.co/SCxZHvjykh
Twelve months later: MSTR –68% and BTC –15%.
Pleased with the timing — and grateful for the luck that at all times performs an element.
To this present day, nonetheless don’t perceive…— Citron Analysis (@CitronResearch) November 21, 2025
In a current social media publish, Citron’s founder, Andrew Left, proudly highlighted the efficiency of the commerce, reflecting on the result and noting the agency’s success in timing the guess in opposition to MicroStrategy, the enterprise intelligence agency led by Michael Saylor.
Regardless of the agency’s victory, Left expressed confusion over Saylor’s response to Citron’s name, including, “To this present day, nonetheless don’t perceive Saylor’s response to the decision.” See beneath.
Citron’s guess was primarily based on the concept that MicroStrategy, closely invested in Bitcoin, would face vital losses as Bitcoin’s value fluctuated. The agency’s transfer got here at a time when Saylor’s aggressive Bitcoin technique had drawn consideration, and the inventory’s reliance on cryptocurrency costs was seen as a vulnerability.
Whereas the outcomes of the commerce are clear, the stress between Left and Saylor stays a degree of intrigue within the ongoing debate over company Bitcoin adoption.
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