Crypto hedge funds see big returns as bitcoin boom gains steam: CNBC After Hours

Crypto hedge funds see big returns as bitcoin boom gains steam: CNBC After Hours

CNBC.com's Pippa Stevens brings you the day's top business news headlines. On today's show, CNBC's Ylan Mui reports that several Democrats are pitching proposals for the next big stimulus bill, even as the current $1.9 trillion package moves through Congress. Plus, CNBC's Leslie Picker breaks down the rise of crypto hedge funds, and how they're playing bitcoin's big boom.

Shares of Rocket Companies, a large short target of hedge funds, jump more than 70%

Nearly 40% of its available shares are sold short and it is near the top of the list of U.S. companies in terms of size of short bet by hedge funds, according to FactSet. That makes it a classic target by meme-obsessed investors, who have been storming together this year into shares and call options of heavily shorted companies in order to squeeze out short sellers. It was unclear of the size of the retail interest in Rocket at this time.

Shares of Rocket Companies rallied more than 70% on Tuesday in a surprising move on no apparent new news. The online mortgage provider currently has large short bets placed against it by hedge funds and appears to have garnered some bullish interest from day traders on Reddit's infamous