Crypto Stocks Soar as Strategy and Coinbase Surge Amid Short Squeeze
Crypto-linked equities surged on Wednesday, with Strategy (MSTR) rising 11.95% to $103.58 and Coinbase (COIN) climbing 9.05% to $159.47.
The rally followed Bitcoin's surge toward $70,000, which triggered a short squeeze that liquidated over a billion dollars in bearish crypto bets in a single hour.
Strategy and Coinbase are both ranked among the most shorted large-cap stocks on Wall Street, with Coinbase currently the fifth most shorted stock in the financial sector.
The move is significant because it suggests that equity bears betting against these two names are being forced to cover into a rising market.