$10B in Stock Sales Sparks Investor Fatigue
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Kerrisdale’s report highlighted BitMine’s rapid stock issuance, with over $10 billion raised in three months through at-market offerings. The short seller said this pace has conditioned investors to expect every rally to be met with dilution, eroding long-term confidence.A $365M share sale in late September was described as a “discounted giveaway,” trading credibility for short-term liquidity.