Kerrisdale Short Report Suggests BitMine’s ETH Strategy May Weaken Amid Heavy Stock Issuance

COINOTAG recommends • Exchange signup Trade with pro tools Fast execution, robust charts, clean risk ￰0￱ account → BitMine Kerrisdale report: BitMine shares swung after short seller Kerrisdale accused the company of dilutive stock issuance and an unsustainable Ether-accumulation strategy, noting NAV opacity and slowing ETH-per-share ￰1￱ reacted with volatility while shares ultimately closed slightly higher. Short-seller claim: BitMine’s strategy is unsustainable Stock issuance and at-market raises have pressured investor sentiment and narrowed the premium to ￰2￱ holds roughly 2.83 million ETH (reported figure), a key point behind valuation ￰3￱ Kerrisdale report: Kerrisdale says BitMine’s ETH strategy and share issuance undercut value; read the firm’s market impact and investor ￰4￱ is the Kerrisdale report saying about BitMine?

BitMine Kerrisdale report alleges the company’s strategy of selling stock to buy Ether dilutes shareholders and has reduced the premium to net asset ￰5￱ short seller highlights rapid at-market raises, slowing ETH-per-share growth, and reduced transparency around NAV as core ￰6￱ did BitMine shares react to Kerrisdale’s claims? Shares ranged from a day low near $57.41 to an intraday above $60, closing up 1.35% at $60 and ticking higher after ￰7￱ swings reflected immediate investor uncertainty, with volatility driven by the short report and subsequent market reassessment of BitMine’s token-per-share math and issuance ￰8￱ stock saw major swings after the Ether treasury firm caught the ire of short seller Kerrisdale, which issued a scathing report on the ￰9￱ Immersion Technologies is a Bitcoin miner that shifted strategy in 2025 to amass large Ether holdings and position itself as a crypto-treasury public ￰10￱ Capital’s short report argues that BitMine’s model—issuing equity at or near market prices to buy ETH—creates dilution and erodes the premium investors pay above the token ￰11￱ estimates BitMine’s token-per-share at about 9 ETH per 1,000 shares and cites the company’s reported 2.83 million ETH holding (a reported figure equating to an implied multi-billion dollar position).

The short seller also flagged a fall in BitMine’s premium to multiple-of-NAV (mNAV) from roughly 2.0x in August to about 1.2x by September, per its ￰12￱ recommends • Exchange signup Clear control for futures Sizing, stops, and scenario planning ￰13￱ futures account → BitMine’s share price saw significant swings on Tuesday after Kerrisdale’s short seller report.