BMNR heads into its July 17 earnings release with one of the most significant short position unwinds of the past week — yet bears remain far from neutral.
Short sellers have pulled back hard since the July 7 article flagged a peak above 58 million shares short. The position has dropped to roughly 46.6 million shares, cutting the float short from approximately 20% to 16.4% in just a few sessions. That's a meaningful retreat, but the level still ranks as genuinely elevated — 16% of the float on loan is not a position that disappears quietly. The ORTEX short score has followed the covering lower, easing to 53.8 from a recent high of 58.4, and the broader trend in the score now points to deceleration in bearish conviction. The borrow market reinforces that read: availability has loosened to 226%, and cost to borrow has collapsed from a brief spike near 2.3% earlier in July to just 0.47% — easy financing for anyone who wants to stay short, but clearly fewer takers.
Options traders are running a distinctly different playbook from the shorts. The put/call ratio has drifted below its 20-day average, sitting at 0.33 against a mean of 0.35 — suggesting calls are dominating the flow. That's not a defensive posture. The 52-week high on the PCR was 0.90, which makes the current reading among the most call-heavy in a year. Taken alongside the short covering, the options market is signaling that a cohort of investors is leaning toward upside into the print, not hedging against further decline. The stock itself is down about 9% over the past month to $14.61, off 6% on the week — so the bullish options positioning comes despite, not because of, recent price momentum.
The fundamental debate remains charged on both sides. The most recent ORTEX note flagged strong revenue growth — over 317% year-on-year — as the clearest bull case for BMNR's immersion cooling business. Bears counter with the quality metrics: a Piotroski F-Score of 3, negative return on assets, and deeply negative free cash flow margins tell a story of a company still burning cash to fund growth. The institutional picture adds nuance — Citadel added over 5.9 million shares in the most recent filing period, while ARK and BlackRock both increased positions, but Clear Street trimmed. Among the correlated peer group, the sector is broadly weak: MSTR, BTCS, MARA, and CLSK are all down 5–13% on the week, suggesting crypto-sector headwinds rather than company-specific pressure.
The July 17 print will test whether the revenue growth story — and any updated guidance on hyperscaler adoption — is enough to justify the valuation at current levels, or whether the cash burn trajectory overwhelms the top-line narrative for a short interest base that has already started to move.
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