Kerrisdale: Shorting BitMine, believes the DAT model premium is unsustainable

ForesightNews2025/10/09 18:43

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Foresight News reported that short-selling firm Kerrisdale Capital has announced a short position against Ethereum treasury reserve company BitMine (BMNR). The firm stated that the Digital Asset Treasury (DAT) model has become highly homogenized, with intensified market competition causing premiums to decline rapidly, making it difficult for issuers to increase per-share ETH holdings by issuing shares at a premium to net asset value (NAV). The firm pointed out that BMNR's premium continues to decline, currently about 1.4 times its NAV, leaving more than 40% downside potential, and criticized the company for ceasing disclosure of per-share NAV and share count after growth slowed. Kerrisdale emphasized that it is not shorting ETH itself, but believes BMNR's model lacks scarcity and sustainability, and that the logic behind its premium trading is no longer valid.

According to previous Foresight News reports, Kerrisdale Capital announced in June last year that it had been shorting MicroStrategy stock.

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