Nasdaq Reports End-of-June 2025 Short Interest Totals Across Listed Securities
The Nasdaq Stock Market® has released its bi-monthly update on open short interest positions as of the settlement date of June 30, 2025. The report provides a comprehensive snapshot of short interest activity across the Nasdaq Global MarketSM, Nasdaq Capital MarketSM, and the broader Nasdaq-listed equity universe. The figures reflect trading dynamics, investor sentiment, and overall market positioning during the second half of June, a period that included heightened volatility across multiple sectors.
Nasdaq Global Market: Increase in Short Interest and Coverage Days
At the end of the June 30 settlement period, short interest in 3,257 securities listed on the Nasdaq Global Market totaled 14,138,758,851 shares. This represents a noticeable increase from the previous reporting period ending June 13, when short interest totaled 13,689,191,607 shares across 3,207 securities. The number of Global Market securities with reported short interest grew by 50 issues during the period.
In terms of average daily trading volume coverage, short interest on the Global Market now equates to 2.59 days, up from 2.32 days in mid-June. This metric—often referred to as the “days to cover” ratio—is closely watched by traders and analysts as an indicator of potential short squeeze risk and overall market sentiment. A rising ratio may suggest increasing bearish sentiment or decreasing liquidity in shorted securities.
The Nasdaq Global Market includes many of the exchange’s largest and most actively traded companies, including mid- to large-cap U.S. and international equities across various sectors such as technology, healthcare, financial services, and industrials. The growth in short interest may indicate growing caution among investors or strategic positioning ahead of upcoming earnings releases or macroeconomic events.
Nasdaq Capital Market: Modest Increase in Short Interest, Steady Coverage
Meanwhile, on the Nasdaq Capital Market, which typically includes smaller-cap and emerging growth companies, short interest rose modestly. As of June 30, short interest across 1,636 securities totaled 2,790,159,938 shares, compared with 2,687,331,325 shares reported for 1,642 securities as of June 13.
Despite the increase in total short interest, the average days to cover remained steady at 1.00 day, unchanged from the prior reporting period. This stability suggests that, while there is slightly more short activity, it remains consistent relative to trading volume.
The Nasdaq Capital Market includes securities that meet specific financial and liquidity requirements and often hosts newer or more volatile listings. The 1.00-day coverage indicates that most of these positions could be covered relatively quickly, minimizing the risk of short squeezes in the segment unless trading volumes were to shift significantly.
Aggregate Nasdaq Short Interest: Broad Uptick Across All Listed Securities
In total, short interest across all 4,893 Nasdaq-listed securities reached 16,928,918,789 shares as of the June 30, 2025 settlement date. This is an increase from 16,376,522,932 shares in 4,849 issues reported for the prior period ending June 13. The average days to cover across the full Nasdaq exchange remained unchanged at 1.72 days.
The broader uptick in short interest reflects a modest increase in bearish positioning or hedging activity as June came to a close. This period included a mix of market-moving events such as central bank commentary, macroeconomic data releases, and sector-specific developments in areas like semiconductors, biotech, and consumer technology. The rise in short interest may suggest that investors were positioning defensively amid these developments.
Understanding Short Interest and Its Market Implications
Short interest data provides a valuable lens into investor expectations, risk appetite, and trading strategies. Short selling occurs when an investor borrows shares and sells them on the open market, hoping to repurchase them later at a lower price. The difference between the sale and repurchase price represents the potential profit. If the stock price rises instead of falling, the short seller faces losses, which can be substantial in a rising market.
The total short interest figure reflects the cumulative number of shares sold short but not yet covered or closed out as of the settlement date. It includes all open short positions reported by broker-dealers, regardless of the exchange on which the trade occurred.
Short interest is often used alongside other indicators to assess sentiment or to spot potential inflection points. For example:
- Rising short interest can suggest increasing bearish sentiment or hedging activity.
- Declining short interest may indicate waning pessimism or short covering.
- A high days-to-cover ratio (calculated by dividing short interest by average daily volume) can signal the potential for a short squeeze, where rising prices force short sellers to buy shares rapidly, accelerating the upward movement.
Market participants, including institutional investors, hedge funds, and proprietary trading firms, often incorporate short interest data into technical and quantitative models to inform trading decisions. Retail investors may also monitor the data to identify heavily shorted stocks with potential for sharp price movements.
Regulatory and Reporting Context
Short interest data is collected and published bi-monthly by self-regulatory organizations (SROs) such as FINRA, Nasdaq, and NYSE. Broker-dealers are required to report their short positions twice a month, and the data is published shortly after the settlement date.
The current data reflects short positions as of June 30, 2025, the final settlement date for the second half of the month. The prior report covered positions as of June 13, 2025. This consistent reporting cycle helps ensure transparency and market integrity, allowing investors to monitor trends over time.
It is important to note that short interest does not include naked short selling, which is illegal under most regulatory regimes. All reported short interest positions represent trades where the seller has borrowed the securities or arranged to do so prior to the transaction.
Outlook and Market Considerations
Looking ahead, investors and analysts will be watching for further changes in short interest as the market moves into the second half of the year. Key variables such as Federal Reserve policy decisions, corporate earnings season, inflation data, and geopolitical developments will continue to shape sentiment and positioning.
In particular, sectors that have experienced recent volatility—such as electric vehicles, fintech, biotech, and AI-related tech firms—may see disproportionate shifts in short interest. Monitoring these dynamics can offer early signals about changing investor sentiment or positioning ahead of major catalysts.
Summary of Nasdaq Short Interest – As of June 30, 2025
| Market Segment | Securities | Shares Sold Short | Prior Period Shares | Days to Cover | Prior Days to Cover |
|---|---|---|---|---|---|
| Nasdaq Global Market | 3,257 | 14,138,758,851 | 13,689,191,607 | 2.59 | 2.32 |
| Nasdaq Capital Market | 1,636 | 2,790,159,938 | 2,687,331,325 | 1.00 | 1.00 |
| Total Nasdaq | 4,893 | 16,928,918,789 | 16,376,522,932 | 1.72 | 1.72 |
As always, investors are encouraged to use short interest data in conjunction with broader market analysis and risk management frameworks when making investment decisions.
