Short-selling firm Kerrisdale Capital announces short position on Ethereum treasury company BitMine

ChainCatcher reported that short-selling firm Kerrisdale Capital announced on the X platform that it has shorted the stock of Bitmine, an Ethereum treasury reserve company. Kerrisdale Capital believes that the so-called DAT (Digital Asset Treasury) model has become mediocre and lacks innovation: as nearly identical copycat projects flood the market, the premium is collapsing, and the ability to increase the ETH per share by issuing shares above net asset value (NAV) is also disappearing.