One year ago, Citron Research, the well-known short-selling firm, publicly recommended a short position on Strategy, back when it was known as MicroStrategy, while simultaneously suggesting a long position on Bitcoin.

The call, which was made amid a highly volatile crypto market, has aged well.

MicroStrategy’s stock has dropped 68% over the past 12 months, while Bitcoin (BTC) saw a more modest decline of 15%. See below.

In a recent social media post, Citron’s founder, Andrew Left, proudly highlighted the performance of the trade, reflecting on the outcome and noting the firm’s success in timing the bet against MicroStrategy, the business intelligence firm led by Michael Saylor.

Despite the firm’s victory, Left expressed confusion over Saylor’s reaction to Citron’s call, adding, “To this day, still do not understand Saylor’s response to the call.” See below.

Citron’s bet was based on the idea that MicroStrategy, heavily invested in Bitcoin, would face significant losses as Bitcoin’s price fluctuated. The firm’s move came at a time when Saylor’s aggressive Bitcoin strategy had drawn attention, and the stock’s reliance on cryptocurrency prices was seen as a vulnerability.

While the results of the trade are clear, the tension between Left and Saylor remains a point of intrigue in the ongoing debate over corporate Bitcoin adoption.