Bitcoin Giant Strategy, Coinbase Among Most-Shorted Stocks: Goldman Sachs

Decrypt

by Logan Hitchcock

February 25, 2026

AI-Generated Deep Dive Summary

Bitcoin Giant Strategy and Coinbase Are Among the Most-Shorted Stocks, According to Goldman Sachs Shares of Bitcoin-focused firms MicroStrategy (MSTR) and Coinbase (COIN) are currently the most-shorted stocks among large-cap companies, according to data from Goldman Sachs. This short interest reflects investor sentiment toward crypto equities amid a challenging market environment. Both MSTR and COIN have seen significant declines in their stock prices over the past six months—60% for MSTR and 40% for COIN—as cryptocurrencies like Bitcoin have faced broader market headwinds. MSTR, known for its large Bitcoin holdings, has been a popular target for short sellers due to arbitrage opportunities. Some traders have executed strategies involving long Bitcoin positions paired with short MSTR stock. However, Bitwise CIO Matt Hougan cautions that such trades should be approached carefully, as MSTR’s business model is resilient even if Bitcoin prices fall significantly. For instance, Michael Saylor, MSTR’s CEO, has emphasized the company’s ability to withstand a Bitcoin price drop down to $8,000 without forcing a sale of its Bitcoin holdings. Coinbase, meanwhile, has struggled alongside other crypto-related stocks as broader market sentiment toward cryptocurrencies waned. Despite missing earnings expectations in its latest quarter, Coinbase’s shares saw a rebound, trading above $184 recently after a 14% increase on Wednesday. However, the stock remains far below its 52-week high of $444. Analysts from Bernstein have noted that Coinbase’s current valuation appears undervalued compared to its

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Originally published on Decrypt on 2/25/2026