Kerrisdale Targets BitMine With Short Report

[tradelikepro]

Shares of BitMine Immersion Technologies (BMNR) swung sharply Tuesday after short seller Kerrisdale Capital said the company is “chasing a model on its way to extinction.” Kerrisdale criticized BitMine’s strategy of issuing stock to buy Ethereum (ETH), calling it unsustainable as the firm’s token-per-share advantage narrows.

Despite the attack, BitMine stock recovered from an early dip to close up 1.35% at $60, with a small after-hours gain.

[alex10]

Short reports can shake confidence fast, especially in volatile sectors like mining. Let’s see if BitMine can respond with transparency.

[Rimon Khan]

Every time a major short report drops, the market panics. If BitMine’s fundamentals are solid, this might just be temporary noise.