## Goldman Sachs Data Shows Strategy and Coinbase Among Most-Shorted Stocks
Big money is betting AGAINST crypto equities, and the numbers are wild. Goldman Sachs just dropped some interesting data. Strategy (formerly MicroStrategy) and Coinbase are now among the most shorted stocks in the market. Specifically: Strategy (MSTR): #1 most shorted, 14% of market cap sold short. Coinbase (COIN): #4 most shorted, 10% of market cap sold short. These are among companies valued at $25 billion or greater. That is pretty significant. The timing is interesting because both stocks have gotten crushed. MSTR is down about 60% in the last six months - from Bitcoin all-time high of $126K in October to now around $68,614. The company is sitting on around $5.3 billion in paper losses on its Bitcoin holdings. Saylor recently said Strategy would be fine even if Bitcoin dropped to $8,000, but clearly the market is not convinced. For Coinbase, it is down around 40% over the same period, though it is trading above $184 today after a 14% pop. Bitwise CIO Matt Hougan put it perfectly: Crypto is like cilantro - some people love it and some people hate it. The shorting strategy some are using? Long Bitcoin, short MSTR. Or long the convertible bonds, short the stock. But here is the thing - Hougan says some traders are misunderstanding MSTR is business model. Some people do not understand MSTR is balance sheet, and think the company is at some kind of threat of going bankrupt if the value of Bitcoin falls below their purchase price. This is, of course, wrong. Prediction markets give less than 15% chance Strategy sells Bitcoin by end of 2026. That is down from above 35% earlier this month. Other crypto-linked stocks on the most shorted list: CoreWeave, Robinhood, and PayPal.
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- **Source**: 
- **Sector**: The Vault
- **Tags**: crypto, bitcoin, stocks, short selling, finance
- **Credibility**: unverified
- **Published**: 2026-02-25 18:37:19
- **ID**: 608
- **URL**: https://whisperx.ai/en/intel/608