SLNH: 34% Short Interest Meets Tightest Borrow in a Year

Soluna Holdings has become one of the most contested small-cap names in the market. Short interest hit 33.9% of free float on April 30 — up 27% in a single week — while the stock simultaneously surged 173% over the past month on data center demand optimism.

Bears Pile In as the Stock Rockets

SI crossed from roughly 16 million shares in early April to over 23 million by April 30. That 47% one-month rise in short positions is extraordinary against a backdrop where the stock itself tripled. Short sellers are not capitulating — they are doubling down.

The ORTEX short score sits at 73.6 out of 100. It peaked at 77.2 on April 24 and has eased only slightly since. Utilization rank is in the 5th percentile of all stocks — meaning almost no stock in the market has a tighter lending pool relative to its peers.

A Lending Market Under Pressure

Availability has tightened sharply. With utilization at 91.3% — and a 52-week peak of 100% on record — only about one share remains available for every ten already borrowed. That is an extremely constrained borrow market.

Cost to borrow spiked to 37.8% on April 24 before retreating to 15.1% by April 30. The spike was brief but sharp — a near-tripling in CTB over 48 hours signals a moment when the borrow pool almost ran dry. The pullback since suggests some shorts have covered or new supply entered the lending pool, but availability remains firmly in tight territory.