(Reuters) - Citron Research has taken a short position in MicroStrategy ( MSTR ), the company said in a post on social media platform X on Thursday.

Shares of the largest corporate holder of bitcoin were last down more than 8%. They opened sharply higher on a rally in bitcoin prices, which were nearing $100,000 after crypto-friendly Donald Trump's victory in the U.S. presidential election.

"Now, with Bitcoin investing easier than ever (ETFs, $COIN, $HOOD), $MSTR's volume has completely detached from BTC fundamentals," Citron wrote while stating it was bullish on bitcoin.

"Much respect to (Michael Saylor), but even he must know (MicroStrategy ( MSTR )) is overheated."

MicroStrategy ( MSTR ) did not immediately respond to a Reuters request for comment.

Under Executive Chairman Saylor, the company has raised capital all through the year to acquire more bitcoin, with a $2.6 billion debt offering on Wednesday the latest.

Its shares have surged more than 600% so far this year.

(Reporting by Shashwat Chauhan in Bengaluru; Editing by Sriraj Kalluvila)