Kerrisdale Capital announced a short position in Bitmine Immersion (BMNR), saying the company is “chasing a model that is on its way to extinction.” Bitmine has “flooded the market” with over $10B of new stock over the last three months, “trying to restart a flywheel that no longer spins,” Kerrisdale writes in a short report posted on its website. The firm does not believes the shares will sustain a premium valuation over the value of its token holdings. Bitmine shares are down 2% to $57.81 following the report.
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