Our cryptocurrency stock short thesis has two tenets. First, the bitcoin price has gone hyperbolic, increasing 15-fold from $977 at the beginning of 2017 to $15,020 currently. Bitcoin, however, is down from its mid-December peak of $19,785, which coincided with the set up of an institutional-grade CME futures market, finally offering a liquid way to short bitcoin.
Secondly, we customized our cryptocurrency stock short list to go after the most dysfunctional and overvalued companies. Cryptocurrency-related companies that had any business viability were stricken from our list. Also, we drew the line at a minimum market