BMNR reports on April 29 with short interest down sharply and options sentiment stuck near neutral. Short interest has fallen to 8.3% of the float, a 20% decline over the past week. Borrowing costs remain modest at 0.54% APR, up slightly from last week. Utilisation sits at just 18%, well below the 52-week peak of 94%. The data points to reduced bearish conviction ahead of the print. The stock closed at $22.14 on Friday, down 3.5% over the past week but up 6.4% over the month.
Options positioning shows little directional bias. The put/call ratio sits at 0.45, slightly below its 20-day average. Investors haven't tilted defensively despite recent volatility. Reactions to past earnings have been muted — the last print on April 14 sent shares up 3.9% the following day but barely moved the needle over the next five sessions. Prior releases triggered sharper multi-day declines. Bulls point to the company's exposure to bitcoin mining infrastructure and immersion cooling technology as growth drivers in a market where efficiency is becoming more important. Bears note the lack of market-cap data and limited analyst coverage, suggesting the stock remains speculative.
Institutional ownership is fragmented but growing. Clear Street holds 3.2% of shares outstanding, up 14.3 million shares in its last filing. ARK Investment added nearly 2 million shares in Q1, bringing its stake to 1.8%. Vanguard lifted its position by 14.4 million shares to 0.9%. The wave of buying from large managers suggests growing institutional interest. Insiders have added modestly, with net purchases of around $6.7 million over the past 90 days. Recent trades have been small director awards and token open-market purchases.
Close peers in the crypto-mining and blockchain infrastructure space have moved inconsistently. CLSK rose 6.6% on the week while ARQQ fell 9.4%. The earnings release will test whether Bitmine can translate bitcoin's recent stability into meaningful revenue growth without compromising its operational margins.
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