Short-selling firm Kerrisdale Capital announced a short position in the stock of Ethereum treasury company BitMine.

Well-known short-selling institution Kerrisdale Capital published a statement saying that it has shorted the stock of Bitmine, the Ethereum Treasury reserve company. The institution believes that the DAT (Digital Asset Treasury) model has become mediocre, the market is flooded with a large number of homogeneous copy projects, the premium has collapsed, and the ability to increase the ETH content per share by issuing shares above the net asset value is also disappearing. Companies chasing the "crypto asset treasury strategy" originally planned to raise more than $100 billion in funds, but broke the scarcity that supported the high premium. Today, the stock trading price of many such companies is close to or lower than the net value, the self-circulation mechanism has stagnated, and the model has begun to collapse. As the earliest DAT company, MSTR's premium has dropped from 2-2.5 times the net value to about 1.4 times, and the BMNR premium has continued to decline, and is expected to fall to the same level as the net value or even lower. Currently, BMNR's