Short Sellers Position for Drop in Riot Blockchain (RIOT)

Shorts have been pilling into Riot Blockchain (NASDAQ: RIOT), which is up 560% YTD on bitcoin mania. Short interest now stands at 1.15 million shares, or 20% of the float, according to real-time from S3 Partners BlackLight. It was about 612,000 shares a month ago.

Bears are quick to point out that RIOT was a biotech company a few short months ago before it changed its name to reflect a shift in strategic direction to focus on blockchain technologies. The company's prior name was Bioptix (BIOP), and it was focused on animal healthcare before the switch.

Shorts are paying about 43.5% to short the stock, according to the S3 data.

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