BMNR is now three weeks into a slow-motion short retreat, with covering continuing but momentum stalling — and the stock itself giving back ground, down 2.4% on Tuesday even as the month-long gain holds near 17%.
The covering trend remains intact, but the pace has clearly slowed. Short interest edged down to 14.7% of the free float — essentially unchanged from the 14.7% noted in last week's note, and well off the July peak near 19%. Over the past month, roughly 14 million shares have been returned to the lending pool. That is a real reduction in bearish conviction. But the remaining position, at nearly 42 million shares short, is still substantial — well above what would be considered a routine overhang. The ORTEX short score has drifted further, now at 50.5, effectively neutral, down from 52.2 two weeks ago. Shorts are smaller and less aggressive, but they haven't left.
The borrow market has remained remarkably relaxed throughout this episode, and that continues to be the key structural feature. Availability is running at 260% — meaning there are roughly two and a half shares still available for every one already lent out — and that figure has actually loosened further on the week, up about 6%. Cost to borrow is negligible at 0.47%, barely changed. For context, the tightest availability has been over the past year was 48.8%, which is a very different environment from today. New shorts face no friction in establishing positions. That is why the covering hasn't triggered a squeeze: the lending pool is large, cheap, and getting more comfortable, not less.
Options traders are not particularly hedged or speculative either. The put/call ratio is running at 0.37 — close to its 20-day average of 0.36 and just a fraction of a standard deviation above it. The 52-week range stretches from 0.32 to 0.65, so the current reading is near the call-heavy end of that range. That points to modest bullish tilt in options flow, rather than any defensive positioning. Taken together, the lending market and options data describe a setup that is neither squeezable nor particularly bearish — it is simply contested, with a large legacy short base and no immediate catalyst to force resolution either way.
The institutional picture adds an interesting wrinkle. BlackRock added over 16 million shares in its most recent reported period to July 31, bringing its stake to 4.5% of shares. State Street and Geode both added meaningfully in the same window. Vanguard's two vehicles together hold over 8.5% of shares. That kind of passive accumulation doesn't imply active conviction, but it does mean a significant chunk of the float is in relatively stable hands — which could matter if short covering eventually needs to compete for supply. The July earnings history is also worth noting: BMNR has posted positive next-day moves of 7.7% and 8.1% on its two most recent results dates, though both were followed by more muted five-day follow-through. The next scheduled earnings date is November 20.
The short-cover story has now entered a slower, less dramatic phase. What to watch is whether the weekly decline in short interest resumes or stalls entirely — if the 14.7% level holds flat for another week or two, it would suggest that the remaining shorts have decided to stay, not retreat.
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