Bitcoin (BTC) extended its selloff over the weekend, dropping below $80,000 for the first time since April. According to data from Coinglass, more than $2 billion long and short Bitcoin positions have been liquidated since Thursday, and crypto-related stocks are feeling the heat.
Strategy Inc (NASDAQ:MSTR), the world's largest holder of Bitcoin, announced today that it purchased another 855 Bitcoin for roughly $75.3 million this past week. MSTR was last seen down 3% to trade at $145.16, and earlier hit a 52-week low of $138. Year over year, the shares are down 56%. Looking ahead, Strategy will report earnings after the close Thursday, Feb. 5.
Shares of cryptocurrency exchange Coinbase Global Inc (NASDAQ:COIN) were last seen down 2.9% to trade at $187.24, headed for a 10th-straight daily loss. Like Bitcoin, COIN is now trading at its lowest level since April. Over the past 12 months, the equity has shed 35.8%.
In the last two weeks, investors have actually been buying back their shorted MSTR and COIN shares, though obviously the stocks have continued lower. At this point, 11.8% of Strategy stock's available float is sold short, and 7.5% of COIN's.
