BMNR heads into its July 10 earnings print with short sellers still accelerating — yet the options market is running the opposite direction.
Since the previous ORTEX note on July 1, short interest has pushed further. Bears now hold 20.4% of the free float, up from 19.4% a week ago. The absolute position has climbed to roughly 58 million shares, adding another 3 million in the days after the prior article. Monthly growth in short interest now stands at 140% — the fastest sustained build in the 30-day window tracked here. The ORTEX short score has risen in lockstep, reaching 58.1 as of July 3, up from 44 at the end of June. That's a meaningful shift in the conviction signal within just five trading sessions.
The borrow market, however, is not tightening further at this pace. Availability has actually loosened slightly from the 214% level flagged in the prior note, back to 201% — still well above the 52-week low of 33% and comfortably in normal territory. Cost to borrow has risen sharply in percentage terms over the past month (up roughly 460%), but in absolute terms remains modest at 1.70%. That combination — heavy short positioning, loose borrow conditions, rising CTB — points to new short demand coming in fast but supply remaining adequate. The lending market is not yet sounding a squeeze alarm.
Options traders are pulling in the opposite direction. The put/call ratio has drifted lower to 0.33, now running about 1.7 standard deviations below its 20-day average of 0.36 — one of the more call-heavy readings of the past year. The stock reinforces that tone: BMNR rallied 8.3% last week and added another 8.3% on July 6 alone, recovering to $15.55 after a weak month. Close peers like MSTR gained 22% on the week, while MARA and CLSK fell 11–17%, making BMNR's outperformance a relative standout rather than pure sector momentum.
The bull case rests on growth: a 312% year-on-year sales increase anchors BMNR's ORTEX growth score and has drawn institutional accumulation from names including BlackRock, Citadel, and Geode, all of which added shares through the end of June. The bear case is structural — quality metrics remain weak, with a Piotroski F-score of just 3, negative ROA, and a momentum pillar that still reflects how far the stock sits below prior highs despite the recent bounce. Past earnings prints have been mixed, with the last four results generating one-day moves ranging from -4.6% to +3.9%, and five-day outcomes between -11.5% and +6.7%.
Thursday's print will test whether BMNR's growth trajectory is durable enough — and improving enough — to justify the stock's recent rally against a short position that has nearly tripled in size over the past six weeks.
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