u.today
Jason Calacanis, one of the world's most famous angel investors, has once again taken aim at business intelligence firm MicroStrategy.
"MSTR has slowed down their bitcoin purchases.. and bitcoin is down… and their stock is down," he noted
Calacanis, who is known due to his early bets on Uber, believes that investors might no longer be willing to lend MicroStrategy's Michael Saylor billions if this trend continues to persist.
"It’s almost like these things are correlated in some way… I wonder if folks will keep lending them billions to buy bitcoin if this continues," he said.
MSTR has slowed down their bitcoin purchases.. and bitcoin is down… and their stock is down.
Calacanis also claimed that he previously invited Saylor to his podcast. However, the billionaire founder blocked him instead of accepting the invitation.
While Calacanis is not against owning Bitcoin, he argues that it is unreasonable to overpay for the MSTR stock, which is trading at a significant premium to net asset value (NAV).
The MicroStrategy (MSTR) stock is now down 45% from its record high of $543, which was recorded on Nov. 21.
On Monday, the MSTR stock plunged by more than 8% on Monday. This came after the company announced its eighth consecutive weekly Bitcoin purchase. This time it was $209 million, which is notably lower compared to the company's previous one-off Bitcoin investments. This fact was not overlooked by some media outlets, with Barron's noting that MicroStrategy is buying less and less BTC in its headline.
Despite the recent price drop, the MSTR stock is still up by more than 340% on a year-to-date basis, vastly outperforming Bitcoin.