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Citi Analyst Chides Saylor's Bitcoin Focus, Cuts MicroStrategy to 'Sell'
MicroStrategy was trading sharply lower Tuesday after a Citi analyst changed his rating to "sell."
Por Danny Nelson
Citi analyst Tyler Radke lowered his recommendation on MicroStrategy to "sell" from "neutral," warning investors in a Tuesday research note the company's recent bitcoin euphoria may be overextended, according to Seeking Alpha.
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Radke cited CEO Michael Saylor's "disproportionate focus" on bitcoin as a potentially troubling trend for the business intelligence company. He also said MicroStrategy's planned $400 million debt offering to fund additional bitcoin purchases signals "incremental risk to the story."
Insider selling also contributed to Radke's eyeing a $250 price target (still above his previous MSTR target of $200).
Shares of MSTR were down more than 10% to $300.86 in recent trading. The shares have more than doubled since August, largely driven by Saylor's foray into bitcoin.
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When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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