MicroStrategy faces the highest institutional net short position and the strongest bearish sentiment

MicroStrategy (MSTR) is facing a net short position of approximately $6.941 billion, accounting for 23.14% of its market value, indicating strong market bearish sentiment or widespread hedging demand. This high ratio may lead to increased market volatility and even trigger a short squeeze.

In contrast, Coinbase (COIN), with a market value of approximately $62 billion, has a net short position of $1.129 billion, accounting for 1.77% of its market value, indicating relatively mild bearish sentiment. Marathon Digital Holdings (MARA), with a market value of approximately $6 billion, has a net short position of $101 million, accounting for 1.68% of its market value.

These net short positions may be part of strategic hedging, such as Kerrisdale Capital simultaneously shorting MSTR and going long on Bitcoin.

Fintel's data highlights the highest net short position faced by MicroStrategy among the three companies.