Strategy (MSTR) Is Now Wall Street’s Most-Shorted | Crypto News
Strategy (MSTR) has moved to the very top of Wall Street’s crowded-short leaderboard, according to a Goldman Sachs screen of the 50 shares above $25 billion with the biggest short curiosity as a share of market cap, a positioning shift that issues for the market because MSTR has successfully develop into a listed, levered proxy for Bitcoin publicity.
Wall Street Crowds Into Shorts On Strategy
In Goldman’s desk, Strategy ranks No. 1 with short curiosity equal to 14% of market cap, forward of Charter Communications at 12%. CoreWeave and Coinbase comply with at 11% each, with Kimberly-Clark next at 10%. After that, the checklist compresses shortly: Western Digital, Bloom Energy, Dell, Palo Alto Networks, and International Paper all sit at 8%.
The screen provides context on measurement and hedge-fund footprint. Strategy reveals an equity cap of roughly $34 billion, with 53 hedge funds proudly owning the stock as of 31-Dec-2025. Hedge funds owned about 3% of Strategy’s equity cap at both 30-Sep-2025 and 31-Dec-2025, and the desk reveals a (18)% whole return year-to-date for the period captured, alongside 0 average days of quantity to liquidate the hedge-fund place.
By comparability, Charter sits around $30 billion in equity worth with 62 hedge funds proudly owning it, also at roughly 3% hedge-fund possession on both dates, and a 15% YTD return, with 2 days to liquidate.
CoreWeave reveals a different profile: about $39 billion in equity cap, 62 hedge funds proudly owning it, and high hedge-fund possession—27% at 30-Sep-2025 dropping to 23% by 31-Dec-2025—with 33% YTD return and 4 days to liquidate.
Coinbase seems at roughly $37 billion equity cap with 72 hedge funds proudly owning it, about 2% hedge-fund possession on both dates, a (27)% YTD return, and 0 days to liquidate.
That dynamic is strictly what Fundstrat’s Tom Lee pointed to in a post on X, framing heavy shorting as a positioning signal somewhat than a elementary verdict. “More signs of a meaningful low in place,” Lee wrote. “When a stock becomes a ‘consensus’ short, it is also a crowded trade… Hence, a stock can rise on ‘bad news’ because the bad news is priced in.”
Brian Brookshire, advisor to Moirai Capital and former Head of Bitcoin Strategy at Swedish firm H100, added: “I suspect a lot of this short interest is still MSTR / BTC basis trade. Jane Street, in particular, has recently acquired a conspicuously large IBIT position. All bets are off when, not if, the BTC bull market returns. mNAV expansion during BTC’s ascent is a spectacular thing.”
Saylor’s Message To Bears: “Short us”
Strategy govt chairman Michael Saylor has been unusually direct about what the company is and what it’s not, making an attempt to be for the market. In a prior interview, he argued that heavy short curiosity is a natural consequence of a company selecting to be a pure expression of a Bitcoin-heavy steadiness sheet.
“You know, my real aspiration now is, if you really hate Bitcoin, I want you to love us,” Saylor said. “Like, we’re the perfect instrument to short, right? Because I promise you I won’t sell it, right? We’re going to be levered long Bitcoin. And if you don’t like it, or if you just want to hedge it, you get to sell our stock or sell puts or buy puts, right?”
Saylor’s level wasn’t merely that shorts are welcome, it was that Strategy’s posture is designed to be legible. “We have been laser-like focused. We’re very consistent. We’re very transparent,” he said, before reiterating the working promise: “We’re going to buy Bitcoin, never sell Bitcoin. We’re going to borrow money intelligently.”
For Bitcoin-native traders, the sensible takeaway is that MSTR’s equity has develop into a high-conviction battleground for BTC publicity: longs deal with it as an amplified guess on BTC and capital markets access, while shorts deal with it as the cleanest means to fade that bundle.
At press time, MSTR traded at $127.80.
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