Strategy (MSTR) Hits Most-Shorted Status, Shares Jump 8%

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Thanks to a surge in bitcoin’s price, Strategy (MSTR) is having a great day on Wall Street despite some alarming balance sheet data.

Among global equities valued above $25 billion, Strategy Inc. (MSTR) now carries the largest short position relative to its size. Roughly 14% of its $41.6 billion market capitalization has been sold short, placing it at the top of rankings compiled by firms including Goldman Sachs and FactSet.

This is not a typical short story. Strategy trades as a corporate balance sheet wrapped around Bitcoin. Its equity functions as a leveraged instrument on BTC, shaped by debt issuance and continued accumulation under Executive Chairman Michael Saylor.

The…