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MicroStrategy Burns Shorts Sellers as Shares Rally With Bitcoin
MicroStrategy Inc.’s shares have more than tripled so far this year, getting a boost as Bitcoin surges to all-time highs, burning traders betting against the company. Short sellers positioning for MicroStrategy to decline have accumulated paper losses of about $3.3 billion so far in 2024 amid the stock’s more than 170% gain, according to data from S3 Partners LLC. That’s pushed mark-to-market losses over the last 12 months to more than $4.3 billion. “Shorting MicroStrategy is a tough position to take,” said Larry Tentarelli, chief technical strategist, Blue Chip Daily Trend Report. He added that the ... (full story)