11:13 AM EDT, 03/28/2024 (MT Newswires) -- MicroStrategy ( MSTR ) shares have surged in recent days due to a rise in bitcoin's price but "things have gotten carried away," Kerrisdale Capital said in a note to clients.

"The days when MicroStrategy ( MSTR ) shares represented a rare, unique way to gain access to bitcoin are long over," the note added.

The research firm said it was long on bitcoin and short on MicroStrategy ( MSTR ) shares because bitcoin is now easily obtainable through brokerages and elsewhere. In addition, the bitcoin price currently implied by MicroStrategy's ( MSTR ) stock is now over $177,000, or two and a half times the spot price of the cryptocurrency, the firm said.

"MicroStrategy's ( MSTR ) trading history and basic common sense suggests the current inflated premium will contract, much as it has on prior occasions," Kerrisdale said.

Shares of MicroStrategy ( MSTR ) were down by more than 12% in recent Thursday trading.

Price: 1844.99, Change: -74.17, Percent Change: -3.86