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Where the tokens are
| Settlement | Shares short | Average daily volume | Days to cover |
|---|---|---|---|
| Sep 15, 2026 | 34.43M | 8.14M | 4.23 |
| Aug 31, 2026 | 30.29M | 13.56M | 2.23 |
| Aug 14, 2026 | 24.51M | 8.64M | 2.84 |
| Jul 31, 2026 | 28.28M | 8.7M | 3.25 |
| Jul 15, 2026 | 29.36M | 8.58M | 3.42 |
| Jun 30, 2026 | 31.38M | 13.65M | 2.30 |
| Jun 15, 2026 | 30.27M | 11.78M | 2.57 |
| May 29, 2026 | 30.55M | 9.99M | 3.06 |
| May 15, 2026 | 29.06M | 8.01M | 3.63 |
| Apr 30, 2026 | 26.21M | 10.26M | 2.55 |
| Apr 15, 2026 | 27.5M | 8.31M | 3.31 |
| Mar 31, 2026 | 27.72M | 10.97M | 2.53 |
The share of each day’s reported trading that was a short sale. This is not short interest: most of it is market makers selling short to fill buy orders and buying back within the day, so a ratio of 30–50% is ordinary for a heavily traded stock and says little about how many shares are held short overnight.
Figures describe Merck shares, not any token. As of Sep 15, 2026, from exchange short-interest reports and FINRA short-sale volume, via Massive. Short sellers borrow and sell the shares themselves; token holders are not lending theirs.