On March 4th, MicroStrategy (MSTR), an investor in Bitcoin (BTC), saw a substantial rise in its share price, climbing over 20% in the early trading hours within the United States, and settling with over a 15% gain by midday.
This significant jump came after the shares closed at $1,079 on the previous trading day, only to open at $1,200 on the mentioned day, reaching an intraday high of $1,339.
Contributing to the surge, short sellers might have played a role; however, it's indicated that MicroStrategy's strong fundamentals hold a significant part in this bullish trend.
Andrew Kang, co-founder of Mechanism Capital, pointed out that about 20% of MicroStrategy's publicly available shares, valued at around $3 billion, were tied into short positions.