Citron Research founder Andrew Left renewed his aggressive short campaign against Strategy Inc. (NASDAQ:MSTR) on Thursday, dismissing the company’s complex financial architecture as “nonsense” after the firm reported a staggering $12.4 billion fourth-quarter loss.
Jargon Vs. Reality
The critique marks a sharp reversal for Left, who previously praised the company before it “completely detached from BTC fundamentals.”
The dispute centers on Executive Chairman Michael Saylor’s recent descriptions of his firm as a “Bitcoin treasury company” powered by a “Bitcoin reactor.” Left fired back via social media, mocking the terminology used to justify the company’s massive debt-fueled acquisition strategy.
“I admit when I heard it I thought maybe I am ignorant and don’t understand, turns out the more jargon the more nonsense,” Left stated. The “nonsense” Left refers to includes Saylor’s claims that Strategy can “strip the volatility” off fixed-income securities and generate a “BTC spread” of up to 90%.
While Saylor previously bragged, “We’re making 500 million a day,” the reality of early 2026 has proven more somber. Strategy’s fourth-quarter results showed a net loss of $12.6 billion, largely due to a …Full story available on Benzinga.com
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