MicroStrategy ( NASDAQ: MSTR ) fell as much as 4.6% on Friday, before paring losses to end 2.1% lower, in higher-than-normal trading volume in a bout of profit booking. The stock, which has high short interest well above 30%, has more than doubled in value YTD, tracking broader gains in the cryptocurrency market. "MSTR shorts are down -$677M in YTD mark-to-market losses," said S3 Partners' Ihor Dusaniwsky. "There is not much stock borrow left in MSTR to support a large amount of new short selling with 92% of stock borrows already taken down." He noted that since stock borrow was limited, there may be some new short selling pressuring the stock. "But today's price move is more likely due to long selling." Earlier, MicroStrategy ( MSTR ) paid off a $205M loan it had with Silvergate Capital ( SI ) two years early.
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