NEW YORK, Tuesday, April 23, 2024- Short sellers betting against business intelligence firm MicroStrategy (MSTR.O) have suffered significant losses in recent months, according to data from S3 Partners. 1
The data, released on April 10, 2024, shows that short sellers have lost an estimated $1.92 billion since March. 2
This comes amidst a rally in the cryptocurrency market, with Bitcoin experiencing a notable price increase. MicroStrategy is a well-known holder of Bitcoin, and its stock price has outperformed the leading cryptocurrency in recent times.
The losses for short sellers targeting MicroStrategy reflect a broader trend in the cryptocurrency sector. Short sellers in other crypto-related companies, such as cryptocurrency exchange Coinbase (COIN.O) and Bitcoin miner CleanSpark (CLSK.O), have also faced losses.
MicroStrategy has been a vocal advocate for Bitcoin and has used its corporate cash to acquire a significant amount of the cryptocurrency. As of the end of 2023, the company held nearly 190,000 Bitcoins. It has also indicated its intention to continue acquiring more Bitcoin.
Despite the recent optimism surrounding Bitcoin and the squeeze on short sellers, the future of the cryptocurrency market still faces obstacles and scepticism.
- MicroStrategy: https://www.linkedin.com/posts/s3-partners_microstrategy-leads-crypto-sector-short-losses-activity-7184289933669367809-B5EF/[↩]
- MicroStrategy: https://tinyurl.com/y3xp7cr8[↩]
