According to online reports, investment firm Kerrisdale Capital chose to short shares of Ethereum digital treasury company BitMine Immersion (BMNR). Kerrisdale Capital said in a report that BitMine is chasing a model that is about to die. Its strategy is copied directly from Strategy (MSTR) and copied by dozens of DAT imitators: sell stocks at a price higher than the value of the tokens on the balance sheet, then recycle the proceeds to buy more cryptocurrencies, and continuously increase the value of each token, creating a self-reinforcing cycle. The speed with which BMNR shares are issued has turned early enthusiasm into fatigue, and investors are accustomed to believing that every rise will be met with more supply. Although the company is still reporting overall growth in the total number of ETH tokens, the rate of appreciation per share of ETH has slowed as the net asset premium has narrowed and the number of shares has surged-a trend that has become more difficult to track after BMNR quietly withdrew the latest stock numbers from its weekly press release. The premium of BMNR continues to fall and is expected to fall all the way to the same level as net worth or even lower. The lower the premium, the slower the appreciation per share of ETH until it falls below 1. At present, its MNav (market capitalization to net worth ratio) is about 1.4 times, and there is still more than 40% downside.