Citron Research has successfully capitalized on a strategy of going long on Bitcoin while shorting MicroStrategy over the past year. During this period, MicroStrategy's stock plummeted by 68%, whereas Bitcoin experienced a more modest decline of 15%. Citron attributes this success to the increasing accessibility of Bitcoin investments through ETFs and platforms like Coinbase, which they argue has led to a disconnect between MicroStrategy's trading volume and Bitcoin's fundamentals. On the day Citron announced its strategic position, MicroStrategy's stock dropped over 16%. As of November 2025, the stock has further declined by 41.5%, in contrast to an 8.8% decrease in Bitcoin's value. This divergence highlights the effectiveness of Citron's investment approach in the current market environment.