Shares of Strategy topped the list of large-cap stocks in the U.S. market for short positions.
As Bitcoin rebounded to $70,000, traders opened shorts amounting to 14% of the company's market value.
With a market capitalization of $42 billion, the volume of short positions on its shares reached $6 billion.
According to Goldman Sachs, the company leads a list of 50 stocks with the highest short interest among assets valued over $25 billion. Only 63 hedge funds own shares of Strategy, accounting for just 3% of the firm's total capital.
The market is skeptical about the reliability of the corporate Bitcoin strategy. Since 2020, the firm has issued shares and raised debt to purchase cryptocurrency. This model thrived during the boom phase, with investors paying a significant premium for the shares. By November 2025, the price of Strategy's stock soared from $12 to $473.
However, Bitcoin's nearly 50% drop from its all-time highs disrupted this mechanism. Over the past six months, Strategy's shares have plummeted by 61.39%. At the time of writing, they are trading at $135.65, below the value of the cryptocurrency reserves per share.
The firm holds 717,722 BTC, valued at approximately $47 billion.
Other public companies have effectively halted investments in the leading cryptocurrency.
According to BitcoinTreasuries, Strategy now accounts for 99.2% of all corporate purchases of digital gold.
Recall that on February 23, the Bitcoin company reported acquiring 592 BTC for $39 million.