Coinbase and Others Set for a GameStop Moment in Crypto Stocks Short

There is a short-term squeeze going on for bearish stocks in the crypto space. All it takes is a quick look at the likes

Coinbase Global

and

Silvergate Capital

to see it’

game stop

-style’ is working.

Cryptocurrency Broker

Coinbase

(ticker: COIN) spiked 24% on Thursday, bringing its gains over the past five days to 54% and year-to-date gains above 140%. Cryptocurrency bank Silvergate (SI) is up 29% on Thursday and up 60% since last weekend. Other stocks exposed to digital assets, such as Bitcoin miners

riot background

(RIOT) and

micro strategy

(MSTR)—a group of software that holds massive amounts of cryptocurrencies—shows similar price action.