A new report shows high short interest in software company MicroStrategy Inc (NASDAQ:MSTR), which is run by Michael Saylor and is among the largest holders of Bitcoin (CRYPTO: BTC). Here’s the latest data and how Saylor may have egged short sellers on.
What Happened: Short interest in MicroStrategy hit a record 51% recently, according to data from S3 Partners. This represents $1.35 billion, according to data from S3 Partners, as shared by Bloomberg.
In the last month, short interest has increased by over 1.2 million shares in the company. Short interest is up by 680,000 shares in the last week, according to the report.
“S3 sentiment & market positioning data reveals $MSTR is a favorite short among the multi-strat hedge fund cohort,” S3 Partners tweeted in a post sharing the Bloomberg article.
The move by short sellers comes as MicroStrategy shares have fallen, and the company remains heavily exposed to Bitcoin.
Shares of MicroStrategy have surged over 70% since the end of June, a move that corresponds with Bitcoin trading higher over the last month.
“It certainly looks like shorts are selling into the recent strength,” S3 Director Matthew Unterman said of increased short interest in the last seven days.
