BMNR fell 3.55% during the session, with market capitalization dropping to $16.5 billion.

On October 9, according to market data, US stock BMNR fell 3.55% during the session, with a market capitalization dropping to $16.5 billion. Previously, the well-known shorting institution Kerrisdale Capital announced that it has shorted the stocks of Bitmine, the Ethereum treasury reserve company, believing that the so-called DAT (Digital Asset Treasury) model has become mediocre and uninspired: when almost identical copy projects flood the market, premiums are collapsing, and the ability to issue shares above net asset value (NAV) to enhance the per-share ETH content is also disappearing. Companies chasing the "cryptocurrency asset treasury strategy" plan to raise a total of over $100 billion, breaking the original scarcity that supported high premiums. Now, the trading prices of many such companies' stocks are close to or below their net value, their self-reinforcing mechanisms are stagnating, and their models are beginning to collapse.