BlockBeats News, October 9th, according to market data, US stock BMNR fell by 3.55% intraday, with a market value dropping to $16.5 billion.
Prior to this, the well-known short-selling institution Kerrisdale Capital announced that it had shorted the stock of Bitmine, a prominent Ethereum Treasury Reserve company. They believe that the so-called DAT (Digital Asset Treasury) model has become mediocre and unoriginal: as nearly identical copycat projects flood the market, the premium is collapsing, and the ability to enhance the ETH per share content by issuing shares above Net Asset Value (NAV) is also disappearing.
The total amount of funds planned to be raised by companies pursuing the “Crypto Asset Treasury Strategy” has exceeded $100 billion, breaking the scarcity that originally supported high premiums. Today, the trading prices of many such company stocks are approaching or falling below net asset value, their self-reinforcing mechanism is stagnating, and their models are beginning to collapse.
