Long Bitcoin, short shares of MicroStrategy Inc. That’s the pair trade Kerrisdale Capital Management LLC says it has put on as the sizzling run-up in the stock, long considered a Bitcoin proxy, has far outpaced the surge in the digital asset. MicroStrategy rose as much as 3.6% Thursday before paring those gains, while Bitcoin traded back above $70,000. “None of the reasons commonly provided for MicroStrategy’s relative attractiveness justify paying well over double for the same coin,” Kerrisdale wrote in a note. “MicroStrategy’s trading history and basic common sense suggests the current inflated premium will ... (full story)