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Kerrisdale Capital shorting BitMine criticized its Ether strategy as outdated.
[Coin World] Kerrisdale Capital has shorted BitMine Immersion (BMNR), stating that its focus on the corporate financial model for Ether is "a relic of the past cryptocurrency era." The short seller criticized BitMine's strategy of issuing stock at a premium to purchase crypto assets, pointing out that the stock premium has decreased from 2.0 times in August to 1.2 times in October due to the slowdown in the price rise of each share of ETH. Kerrisdale also criticized BitMine's executive chairman Thomas Lee, stating that he lacks the influence to maintain investor confidence. After the report was released, BitMine's stock price fell by 2%.