MicroStrategy leads crypto sector short losses with $2 billion hit since March

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Short sellers betting against MicroStrategy have lost $1.92 billion since March, according to data from S3 Partners, highlighting the hit from a rally that has helped the stock outperform bitcoin. Traders betting against crypto exchange Coinbase and bitcoin miner CleanSpark also lost $593.50 million and $106.40 million, respectively, the data showed. MicroStrategy held nearly 190,000 bitcoin on its balance sheet as of the end of 2023 and has indicated it would continue increasing its exposure.