This article first appeared on GuruFocus.
CleanSpark (NASDAQ:CLSK) is now wearing a target on its back. Among crypto-related companies with market caps above $2 billion, it carries the highest short interest, as traders ramp up bearish bets amid Bitcoin's choppy February.
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Bitcoin (BTC-USD) dropped to $60,230.14 on Feb. 6, its lowest level since the FTX collapse in late 2022. That kind of volatility tends to hit mining stocks first. CleanSpark has 31.68% of its shares sold short, followed closely by MARA Holdings (NASDAQ:MARA) at 30.24%. TeraWulf (NASDAQ:WULF) stands at 22.28%, Hut 8 (NASDAQ:HUT) at 16.09%, and Cipher Mining (NASDAQ:CIFR) at 15.40%.
Not every crypto stock is seeing the same pressure. Block (NYSE:XYZ) has just 3.50% short interest, while Bullish (NYSE:BLSH) sits at 5.33%. Coinbase (NASDAQ:COIN) is at 8.93%, and Strategy (NASDAQ:MSTR) at 10.36%