Former hedge fund manager Jim Cramer called for owning bitcoin (BTC), but not its largest public holder MicroStrategy, in the latest segment of CNBC’s Mad Money on Monday night.

“If you want to own bitcoin, (you) own bitcoin,” Cramer said in response to a caller during the segment. “I own bitcoin, you should own bitcoin. Bitcoin is a great thing to have in your portfolio.”

“But not MicroStrategy,” he ended without further specifics or reasoning. MicroStrategy is the world’s biggest holder of the asset with over 417,107 bitcoin, worth over $48 billion at current prices, in its treasury as of Monday.

But there may be reason to cheer for MicroStrategy bulls and bitcoin bears in the weeks to come. Cramer’s picks often tend to move in the opposite direction in the long term, and he is often perceived as a signal historically associated with inverse bets.

A humorous internet theory called “Inverse Cramer” even spurred the creation of a short-lived Inverse Cramer ETF in 2022 (before shutting down in early 2024).

In January 2024, Cramer said that bitcoin was likely topping out and called for an exit. The asset has surged more than 100% since.

BTC was trading at just over $103,000 in Asian morning hours, up 4% since Monday.