Crypto stocks soared on Wall Street today, with the widely shorted Silvergate seeing a lion's share of gains.
Despite the interest from Ken Griffin's firm, it doesn't change what is fundamentally at play for the bank, said Andrew Defrance, an analyst at KBW."It could lead to a squeeze short term given how high the short interest is, but there would need to be some sort of clarity to be a thesis-changing event for shorts/longs here," he added.
Short interest in Silvergate remains high, with around 72% of outstanding shares currently sold short, according to NYSE data viaCoinbase gained around 17.5%, trading just below $70 at the close. The crypto exchange appears to have shrugged off last week's regulatory woes for now.MicroStrategy jumped 10% to trade above $298 by the close. The software firm, better known in recent years for its bet on bitcoin, is up over 100% year-to-date.
Shares in Robinhood were also higher today, gaining 5.7% to trade above $10. The retail investing platform
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