BMNR heads into a July 10 earnings print with short sellers accelerating positions at the fastest pace in months — even as the stock slides and options traders stay stubbornly bullish.
The short interest story here is the standout. Bears have nearly doubled their position over the past month, with short interest rising 86% to 19.4% of free float. The weekly move alone was 37% — shorts added roughly 19 million shares in five sessions. That takes the absolute short position to around 55 million shares, the highest level in the 30-day window tracked here. What makes this notable is the speed: the June 26 jump from roughly 26 million to 36 million shares short happened in a single session, and the pace continued into June 30.
The borrow market tells a more nuanced story. Availability has tightened sharply — dropping from 463% of short interest on June 26 to 214% now, a 38% tightening in a week. That's still technically in the "normal" range, well above the 52-week low of 33%, meaning there remains meaningful capacity for shorts to add further. Cost to borrow is barely elevated at 0.68%, despite the surge in short positioning — a signal that the supply of lendable shares has not yet been meaningfully stressed. The ORTEX short score has jumped from 40.8 to 56.8 in two weeks, now in the upper half of the universe but not yet at extreme levels. Options traders are reading the setup differently: the put/call ratio of 0.33 is running more than 1.6 standard deviations below its 20-day average of 0.37, near the most call-heavy reading of the past year. That's an unusual divergence — short sellers are pressing hard while options flow tilts toward upside.
The Street angle on BMNR is limited by the absence of recent analyst data, but the valuation picture offers some context. The P/E multiple has contracted by 6.6 points over the past 30 days, now at 17.3x. For a crypto-adjacent infrastructure name, that's not stretched on its face — but the factor score profile is challenged. The EPS surprise rank sits at just the 1st percentile, meaning the company has a poor recent track record of beating estimates. The short score rank of 19 confirms bearish positioning is already well above average relative to peers. Growth metrics remain the lone bright spot: a prior note flagged 312% year-on-year sales growth, which at least provides a fundamental counterargument to the bear thesis.
The stock has fallen 31% in a month to $13.31, and peers are broadly weak too. MSTR dropped 16% on the week, BTBT fell 16%, and CLSK lost 15% — so sector headwinds are real. BMNR's 12% weekly decline roughly tracks the peer group, suggesting the additional short pressure hasn't yet driven a disproportionate breakdown. The prior four earnings prints produced mixed outcomes: two negative one-day moves averaging around 3%, and two positive prints. The five-day window post-earnings was more consistent on the downside, with the largest reaction a 12% slide in the five days following the January 2026 print.
The July 10 earnings date is the next focal point — with short interest at a 30-day high, availability tightening rapidly, and options traders positioned for upside, how those two camps reconcile after the print is the setup worth watching.
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