Strategy is under attack by bearish investors after Bitcoin’s price sunk nearly 50% from its October 2025 all-time high.

The world’s largest treasury, led by Bitcoin evangelist Michael Saylor, has become the most shorted large-cap stock in the US, with bearish investors betting against 14% of the company’s entire market capitalisation.

Short sellers are investors that borrow money to then make a bet that a company’s shares will drop. At 14% of market cap, Strategy has roughly $6 billion worth of shares sold short based on its current valuation. That means for every $100 of Strategy stock that exists, $14 worth has been borrowed and sold by bears.

Moreover, Strategy tops Goldman Sachs’ list of the 50 most-shorted…