MicroStrategy (MSTR) is facing a net short position of about $6.941 billion, representing 23.14% of its market capitalization, indicating strong market bearish sentiment or widespread hedging demand. This high proportion could lead to increased market volatility and possibly even a short squeeze. In contrast, Coinbase (COIN), which has a market cap of about $62 billion, has a net short position of $1.129 billion, or 1.77% of its market cap, and bearish sentiment is relatively mild. Marathon Digital Holdings (MARA), which has a market cap of about $6 billion, has a net short position of $101 million, or 1.68% of its market cap. These net short positions could be part of a strategic hedge, such as Kerrisdale Capital's simultaneous short MSTR and long Bitcoin. Fintel's data highlights the highest net short position MicroStrategy faces among the three companies.