According to Wu, the well-known shorting institution Kerrisdale Capital announced that it is shorting the Ethereum treasury reserve company Bitmine (BMNR). It claims that the cryptocurrency asset trust (DAT) model has fallen into high homogenization, and intensified market competition has led to a rapid decline in premiums, making it difficult for the issuer to increase the number of shares issued above net asset value (NAV) to enhance per-share ETH holdings. The institution pointed out that BMNR's premium continues to decline, currently at about 1.4 times the net asset value, with over 40% downside potential remaining, and criticized the company for stopping the disclosure of per-share net asset value and share count after growth slowed. Kerrisdale emphasizes that it is not shorting ETH, but believes that BMNR's model lacks scarcity and sustainability, and its premium trading logic is no longer valid.

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