ChainCatcher reported that according to Cointelegraph, several institutions are bearish on Microstrategy's stock price, with a short position of $6.9 billion. However, the confidence of short sellers seems to be weakening, as Microstrategy's stock price has almost tripled in six months.

The largest position is about $2.4 billion. The short ratio of MicroStrategy stock has dropped from 3.1 days to 1.5 days in the past six months, a decrease of nearly 50%.

Kerrisdale Capital believes that after several spot Bitcoin ETFs were approved this year, investors may have no reason to trade MicroStrategy stock to gain Bitcoin exposure.