Coinbase’s BlackRock Pact Cements Crypto Status, Hits Shorts

Short sellers, meanwhile, are being beaten as stocks extend their strong rally since July. Even though shorts have added more than $800 million this year, that profit is
0% lower than it was before Thursday's spike, according to S3 Partners predictive analytics chief executive officer Ihor Dusaniwsky. “We expect Coinbase’s short-term coverage to continue as BlackRock’s announced partnership exerts python-like pressure on short sellers,” he said. The
shares fell more than 21% on July 26 after a fund controlled by Cathie Wood sold about $1.
million of the company's shares, worth about $75 million over the time. Thursday's move
is also notable as it comes on a day when the prices of Bitcoin, Ether and other popular digital assets are all lower. The stock has largely maintained a strong correlation with the world's largest cryptocurrency since it began trading last year.
Other crypto-related stocks also rose following the deal with BlackRock, companies including Marathon Digital Holdings Inc. and Silvergate Capital Corp. increase by at least 1%.