Citron Research has taken a short position in MicroStrategy, $MSTR

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Citron Research has raised concerns about MicroStrategy's current valuation, despite the software company's shares experiencing explosive growth driven by its Bitcoin-focused strategy.In a tweet on Thursday, the research firm reflected on its 2020 recommendation of MicroStrategy as a proxy investment for Bitcoin, recalling its price target of $700 when the stock was trading around $200.Fast forward to today, MicroStrategy's stock has surged far beyond Citron's pre-split price target, a trajectory the firm attributed to founder Michael Saylor's daring decision to pivot heavily into Bitcoin."Nearly four years ago, Citron was the first to highlight MicroStrategy as the ultimate way to invest in Bitcoin, with a $700 target," the firm tweeted, recognizing Saylor's vision in embracing cryptocurrency.However, Citron now views MicroStrategy's valuation as "overheated" and revealed it has taken a short position in the stock.While remaining optimistic about Bitcoin itself, Citron noted that MicroStrategy's trading activity has become increasingly disconnected from the fundamentals of the cryptocurrency."With Bitcoin now more accessible through ETFs, $COIN, and $HOOD, $MSTR's trading volume has lost its connection to BTC fundamentals," Citron wrote, signaling concerns about an overvaluation of the stock.Despite praising Saylor's strategic foresight, Citron issued a cautious note, stating, "Much respect to @saylor, but even he must recognize $MSTR is overheated."