BMNR intraday dropped by 3.55%, bringing its market capitalization down to 16.5 billion US dollars

On October 9th, based on market data, US stock BMNR witnessed a 3.55% intraday decline, and its market value dropped to $16.5 billion. Previously, the well-known short-selling institution Kerrisdale Capital announced that it had taken short positions in the stock of Bitmine, a prominent Ethereum Treasury Reserve company. They hold the view that the so-called DAT (Digital Asset Treasury) model has become mediocre and unoriginal. As nearly identical copycat projects have flooded 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. Currently, 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 starting to collapse.