Kerrisdale Dey Short BitMine as ETH mNAV Premium Fall
Kerrisdale Capital don open short position for BitMine Technologies (BMNR), dem dey target the ETH treasury firm after their market NAV (mNAV) premium drop from over 2× for August to about 1.2× for September. Even tho BitMine don rally 17,000% YTD, aggressive equity issuance wey pass $10 billion and accumulation of 2.83 million ETH since June no fit maintain per-share ETH growth or excite investors. The short selling report highlight say transparency don reduce—dem no dey show weekly NAV and share counts again—and e warn say ongoing dilution fit tire shareholders. BitMine stock drop 3% to $58 for pre-market trading, dey trade for volatile range between $56.05 (0.618 Fib support) and possible upside targets at $71.74 and $110 if consolidation hold. Crypto traders suppose prepare for more wahala for market as BitMine’s equity-for-ETH treasury strategy come under scrutiny, fit affect demand dynamics for ETH treasury sector.
Bearish
For short time, Kerrisdale report and the sell-off wey happen for BitMine shares fit reduce demand for ETH as investors go dey rethink holding tokens wey dey backed by equity, dey put pressure for ETH price. The stop of NAV disclosures and heavy dilution dey reduce institutional interest for similar treasury products, dey increase ETH supply. For long term, if more people start to take ETH treasury strategies serious, e fit support basic demand, but continuous scrutiny and slow big-scale ETH buying by BitMine fit put weight for upward movement, making outlook for ETH bearish.