Strategy’s shares have topped the list of large-cap stocks in the US market by short position volume.
Amid bitcoin’s recovery to $70,000, traders have opened short positions amounting to 14% of the company’s market value.
With Strategy’s market capitalization at $42 billion, the volume of short positions on its shares has 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. Strategy’s shares are held by only 63 hedge funds, collectively accounting for just 3% of the firm’s capital.
The market questions the reliability of the corporate bitcoin strategy. Since 2020, the firm has issued shares and raised debt financing to purchase cryptocurrency. This model worked well during the boom phase: investors paid a significant premium for the shares. By November 2025, Strategy’s stock price soared from $12 to $473.
The nearly 50% drop in bitcoin from its historical highs disrupted this mechanism. Over the past six months, Strategy’s shares have plummeted by 61.39%. At the time of writing, the shares are trading at $135.65—below the value of the cryptocurrency reserves per share.
The firm holds 717,722 BTC on its balance sheet, with a total value of approximately $47 billion.
Other public companies have effectively ceased investing in the leading cryptocurrency.
According to BitcoinTreasuries, Strategy now accounts for 99.2% of all corporate purchases of digital gold.
On February 23, the bitcoin company reported the purchase of 592 BTC for $39 million.