{"id":7770,"date":"2024-04-11T16:00:29","date_gmt":"2024-04-11T13:00:29","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=7770"},"modified":"2024-04-11T16:00:29","modified_gmt":"2024-04-11T13:00:29","slug":"microstrategy-leads-crypto-sector-short-losses-with-2-bln-hit-since-march","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=7770","title":{"rendered":"MicroStrategy leads crypto sector short losses with $2 bln hit since March"},"content":{"rendered":"
Short sellers betting against MicroStrategy\u00a0have lost $1.92 billion since March, according to data from S3 Partners, highlighting the hit from a rally that has helped the stock outperform bitcoin .<\/strong><\/div>\n
The approval of several spot bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) in January has brought the once-nascent asset class closer to the mainstream.<\/div>\n
Traders betting against crypto exchange Coinbase\u00a0and bitcoin miner CleanSpark\u00a0also lost $593.50 million and $106.40 million, respectively, the data showed.<\/div>\n
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\"Reuters<\/div>\n<\/div>\n<\/div>
Reuters Graphics<\/figcaption><\/figure>\n
MicroStrategy held nearly 190,000 bitcoin on its balance sheet as of the end of 2023 and has indicated it would continue increasing its exposure. It\u00a0sold convertible debt\u00a0twice within a week last month to raise money to buy more bitcoin.<\/div>\n
\u201cThe premium (for MicroStrategy) is supported by a desire for investors to have exposure to bitcoin who may be unable to invest directly in bitcoin or in ETFs,\u201d analysts at BTIG said in a note earlier in April.<\/strong><\/div>\n
The company\u2019s ability to raise capital to purchase additional bitcoin is also a positive for shareholders, the brokerage added.<\/div>\n
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\"Reuters<\/div>\n<\/div>\n<\/div>
Reuters Graphics<\/figcaption><\/figure>\n
But despite the recent optimism, the crypto industry continues to be heavily shorted. Short interest in nine of the most-watched companies in the crypto space stood at 16.73 per cent of the total number of their outstanding shares, more than three times the average in the United States.<\/div>\n
The SEC also remains uncomfortable with crypto and its approval of the spot bitcoin ETFs might not signal willingness to embrace other similar products, like spot ethereum ETFs, Reuters has\u00a0reported.<\/div>\n
The spot bitcoin ETF decision was not \u201cindicative of a change in philosophy at the Commission,\u201d said Alan Konevsky, chief legal and corporate affairs officer at online investment platform tZERO.<\/div>\n
\u201cI don\u2019t think it\u2019s a harbinger of more good things to come,\u201d he said.<\/div>\n
Short sellers sell borrowed shares and hope to buy them back at a lower price later, pocketing the difference.<\/div>\n","protected":false},"excerpt":{"rendered":"

Short sellers betting against MicroStrategy have lost .92 billion since March due to a rally that has helped the stock outperform bitcoin.<\/p>\n","protected":false},"author":3,"featured_media":7771,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[1521,4791,77,3348,803,33,80,4288,3,2369,898,370,1202,2110,250,3330,4407,1991,899,2753,3404,387,5327,804,2628,3331,5838,1400,5499,3798,5989,335,544,3770],"class_list":["post-7770","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-1521","tag-approval","tag-bitcoin","tag-change","tag-coinbase","tag-companies","tag-crypto","tag-crypto-exchange","tag-cyprus","tag-data","tag-debt","tag-etf","tag-ethereum","tag-funds","tag-google","tag-google-news","tag-hope","tag-industry","tag-interest","tag-investment","tag-investors","tag-lost","tag-mainstream","tag-microstrategy","tag-money","tag-news","tag-price","tag-rally","tag-sellers","tag-shares","tag-short-sellers","tag-space","tag-united-states","tag-willingness"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\nMicroStrategy 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