“The Company’s Model Mimics A Failing Playbook and Lacks Transparency and Leadership Appeal, SAID Kerrisdale.”, – WRITE: www.coindesk.com
In a detailed report Published Wednesday, The Well-Known Short-Seller Said Bitmin’s Strategy Mirrors that of Strategy (Mstr)-Issuing Shares at At a Premium to Gro-Toc – But argued that Market Conditions No Longer Support that Model.
“BMNR is chasing a model that is on it Way to Extinction,” Kerrisdale Wrote. “Scarcity and Meme-Like Enthusiasm Once Kept Premiums High Despite Constant Dilution, But Those Conditions Have Vanisshed.”
Kerrisdale MONTS Ago Shorted Strategy Against A Long in Bitcoin, Noting That Company’s Premium to Net Asset Value Was Not Sustainable. The Trade Thus Far Has Proven Quite Profitable.
Las Vegas-BITMINE HAS UnderGone A Dramatic Pivot Over The Past Year, Transforming From A Niche Bitcoin Miner Into An Ether-Heavy Corporate Treasury. With Fundstrat Co-Funder Thomas Lee as Execuitable Chairman, Bitmine Has Raised Over $ 10 Billion Since July 2025, Primarily Through At-The-Market (Atm) Stock Sales, And ACUNOZ.
The Stock – After Rocketing from About $ 5 to More Than $ 100 On The Launch of Its Ether Treasury Strategy – Has Pulled Back to AUND $ 58 in Its Latest Trades.
Kerrisdale Said the pace of that stock issue, Roughly $ 170 Million per Day, Has “Turned Early Enthusiasm Into Fatigue.” The Report Criticized Bitmin’s Latest $ 365 Million Equity Raise, Marketed As A Premium Deal, AS A “DISCOUNTED GIVEAWAY” ONCE WARRANT Terms Are Factored In.
The FIRM ALSO AIM AT LEE HIMSELF, Saying His Presence Lacks The Gravitational Pull Needed To Mainten Investor Confidentnce. “Tom Lee Brings Name Recognition As A Strategist and Television Commentator, But He Does Not Command of the Cult-Like Following that Turned Michael Saylor Into AME-STOCON ICON, STACON.
While Kerrisdale Said Remains Bullish on Ether, It Sees No Justification for Paying A Premium Through InterMediaries Like Bitmine. “IF YOU WANT ETH, Just Buy It Directly,“ The Firm Wrote.
Adding to the Pressure is a Flood of New Competition. Over 150 US-LISTED FIRMS Are Reportedly Planning $ 100 Billion in Crypto Treasury Offers, and A Coming Wave of Ethereum Etfs i Expectioned to Offer Lower-Cost and More Transparent.
Kerrisdale Said Bitmin’s Disclosures Have Grown IncreASINGly Opaque. Eth -Per-Share Growth Has Slowed Sharply in Recent Months, Even As Token Holdings Rose. “The Reflexive Loop that every every dat relaies on had Begun to stall,” The FIRM Wrote, Noting that Bitmin’s Market Premium Fell From 2.0x in August to Augnd 1.2x in October.
“The Strategy Is Generic, The Competition Is Mushrooming, Discalosures Have Grown Opaque, Eth-Per-Share Has Slowed,” Kerrisdale Concluded. “BMNR’s Premium is Destined to Sink.”
A representative for bitmin Did not respond to a reQuest for comment. Shares of the Company Are Lower by 2% Wednesday.
Combined Spot and Derivatives Trading on Centralized Exchanges Surged 7.58% to $ 9.72 Trillion in August, Marking The Highest Monthly Volume of 2025
- Combined Spot and Derivatives Trading on Centralized Exchanges Surged 7.58% to $ 9.72 Trillion in August, Marking The Highest Monthly Volume of 2025
- Gate Exchange Emerged As Major Player With 98.9% Volume Surge to $ 746 Billion, Overtaking Bitget to Become Fourth-Largest Platform
- Open Interest Across Centralized Derivatives Exchanges Rose 4.92% to $ 187 Billion
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Glassnode Says Bitcoin’s Breakout to Record Highs Came on the Back of $ 2.2 Billion in ETF Inflows and Steady Accuumation from Smaller Holders, Not Seekulatory Hype.
- Glassnode Says Bitcoin’s Rally to New Highs Above $ 120,000 Was Driven by $ 2.2 Billion in Spot etf Inflows and Renewed On -chain Accompumulation.
- Per on -chain Data, Smaller and Mid-TIER INVESTORS HAVE BEEN Steadily Buying, Offsetting Light Profit-Taking from Larger Whales.
- Despite Strong Fundamentals, The FIRM WARNS THAT RISING LEVERAGE AND FUNDING RATES ABOVE 8% COURuld Increase Short-Term Volatility.
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