MicroStrategy Inc shares tumbled after Andrew Left’s Citron Research said in a post on X that it’s betting against the software company, which has effectively transformed itself into a Bitcoin investment fund.

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

MicroStrategy took a massive hit on Thursday after Citron Research revealed it’s betting against the company. The stock dropped by as much as 10% in intraday trading, reversing earlier gains of nearly 15%.

Citron said it had hedged its perspective with a short position against MicroStrategy, even though it maintained a positive outlook on BTC. Supported by robust investor attitude toward BTC markets, MicroStrategy shares remain up 78% from Election Day and have gained 529% YTD despite Thursday's selloff.