GPUS Shorts Hold Steady as Treasury Pivots to Bitcoin and Silver

Hyperscale Data enters May with its stock down 23% on the week, yet short sellers are not running — they're adding.

Short interest climbed sharply on April 28, jumping 12.7% in a single session to reach 7.9% of the free float. That's a meaningful reversal after a modest pull-back earlier in the month. At the April 9 peak, shorts briefly pushed above 8.7% of float — the high-water mark for recent weeks — before easing into mid-April. The current rebuild toward that level comes as the stock trades at $0.13, a multi-week low, suggesting bears are leaning in rather than covering into weakness. Cost to borrow has been drifting lower, now around 2.0%, down roughly 27% from its March levels — borrowing is inexpensive. Availability sits at 114% of short interest, meaning supply in the lending pool is broadly comfortable, which keeps the entry cost low for new short positions.

The ORTEX short score of 55.1 sits in a moderate range, though the trend tells the more revealing story: the score peaked around 59 in mid-April and has pulled back steadily this week. That easing from elevated levels — even as shares outstanding on loan ticked back up — reflects the lending cost normalisation rather than a genuine shift in sentiment. Availability at this level rules out an imminent squeeze. Days-to-cover of just one day means shorts could unwind quickly if the narrative changed, but nothing in the current borrow data points that way.

What's generating the headlines is a fast-evolving corporate strategy. Hyperscale Data announced on April 28 a Bitcoin treasury holding of $53.1 million — its most significant disclosure for the week. That figure has become the central credibility test for the company's pivot away from its original data infrastructure model. The same week, its subsidiary Ault Global Commodities disclosed a first silver purchase through a partnership with the Scottsdale Mint. The company has also filed an updated S-3/A shelf registration, signalling the possibility of future capital raises. Across just two trading sessions, the company announced crypto holdings, precious metals purchases, a commodities partnership, and equity-shelf paperwork. For a sub-$60 million market cap name trading at $0.13, that is a dense news cycle.

Earnings arrive Thursday, May 1 at 13:30 UTC. The last three post-event moves are worth noting. On April 21, the stock jumped 14% the following day before giving back 11% over the ensuing week. An April 10 release produced a 17% one-day fall and a further 18% over five days. The December 2025 print saw a 13% one-day drop followed by an 11% recovery. The pattern shows sharp single-day moves in both directions, with the five-day drift often reversing the initial reaction. There is no consistent directional bias, but the magnitude is reliably large given the share price and thin float.

With earnings tomorrow and the stock already down sharply on the week, the real question is whether the Bitcoin treasury announcement and the broadening commodities strategy shift the narrative enough to offset whatever the income statement shows.