Despite Anchorage’s vote of confidence, Strategy has climbed to the top of Goldman Sachs’ list of most-shorted large-cap US equities by short interest as a percentage of market cap. Just a year ago, the company did not rank among the top 50. Its rise up the short-interest table began in late 2025 as its stock price weakened, even before Bitcoin’s October peak.

Strategy operates as a leveraged public-equity proxy for Bitcoin, issuing securities and deploying proceeds directly into BTC. The company currently holds 717,722 Bitcoin valued at roughly $46.7 billion, acquired at an average cost of around $76,020 per coin. With Bitcoin trading near $66,000, the firm is sitting on an estimated $7 billion unrealized loss. Still, Strategy recently added another 592 BTC for $39.8 million, doubling down despite mounting short bets.