MicroStrategy Burns Shorts Sellers as Shares Rally With Bitcoin
- As Bitcoin surges to new highs so do shares of the company
- Contrarian traders are in a ‘tough position’ amid rally
This article is for subscribers only.
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.