Shares of Strategy (MSTR), known for its aggressive Bitcoin accumulation policy, have currently topped the list of the most popular stocks for opening short positions among American investors. According to the latest data, the volume of short positions in MSTR has reached 14% of the company’s market capitalization, equivalent to approximately $34 billion. In comparison, Coinbase shares rank fourth with a figure of around 11%.
This is reported by Finway
Reasons for the Increase in Short Positions: The Role of Arbitrage Strategies
Experts note that such high interest in short positions is primarily related to traders’ arbitrage strategies. This involves basic trading aimed at profiting from price differences between related assets. Specifically, investors are buying spot Bitcoin ETFs, such as BlackRock IBIT, while simultaneously opening short positions in Strategy shares. This allows them to profit if the premium of the company’s shares relative to its Bitcoin reserves decreases.
“I suspect that a significant portion of this short interest still relates to basic trading with MSTR shares on Bitcoin. In particular, Jane Street recently acquired a notably large position in IBIT,” said analyst Brian Brookshire.
According to information from Form 13F, investment firm Jane Street acquired over 7 million shares of IBIT while continuing to hold a significant stake in MSTR.
Market Dynamics: Arbitrage Results and Price Changes
Despite the activity of traders, the arbitrage strategy has yet to meet expectations in 2026. Since the beginning of the year, MSTR shares have decreased by 20%, and over the past six months, by more than 60%. Meanwhile, the IBIT ETF has lost 27% of its value, and the price ratio of MSTR to IBIT has increased by approximately 12%. This indicates that Strategy shares have demonstrated relatively better performance compared to the ETF.
At the time of preparing this material, the price of one MSTR share is $124.6.
Price of MSTR Share. Source: Google Finance.
Financial Results and Company Strategy
Strategy remains closely tied to Bitcoin dynamics, having accumulated 717,722 BTC worth approximately $47 billion since 2020. For the fourth quarter of 2025, the company reported a total loss of $17.4 billion, including losses on Bitcoin assets. Despite this, the company’s management, including CEO Fong Lee, emphasizes the resilience of the business even if the price of Bitcoin falls to $8,000. The company confirms its intention to continue its strategy of accumulating the primary cryptocurrency, despite the high volatility of the market.