Group 1 - The cryptocurrency sector stocks mostly declined on Thursday, with notable drops in several companies [1] - Strategy (MSTR.US) fell over 2%, SharpLink Gaming (SBET.US) dropped more than 5.6%, and Bitmine Immersion Technologies (BMNR.US) decreased by over 4.6% [1] - Coinbase (COIN.US) experienced a slight decline, while Circle (CRCL.US) saw a modest increase of 0.55% [1]

Core Viewpoint - A new short-seller report from Kerrisdale Capital criticizes BitMine Immersion Technologies, Inc. (BMNR), suggesting that investors should not pay a premium for indirect crypto investment vehicles like BMNR anymore [1][2] Group 1: BMNR's Business Model and Market Position - Kerrisdale Capital claims that BMNR is following a strategy similar to MicroStrategy (MSTR), which involves issuing new shares at a premium to increase ETH per share and using the capital to buy more Ethereum [3] - The effectiveness of this model is questioned as MSTR's premium has decreased from 2.0x–2.5x to below 1.5x, indicating a loss of investor enthusiasm [4] Group 2: Financial Performance and Share Issuance - BMNR has issued over $10 billion in new shares within three months, but the growth rate of ETH-per-share has significantly slowed, with its mNAV premium dropping from over 2.0x in August to around 1.2x a month later [5] Group 3: Transparency and Regulatory Environment - Kerrisdale accuses BMNR of becoming less transparent in its disclosures, particularly by omitting updated share count and NAV-per-share figures from press releases since late August [6] - The firm predicts that the NAV premium for many Digital Asset Treasury companies, including BMNR, will continue to decline due to easing crypto regulations and easier direct investment options [7] Group 4: Contrasting Perspectives - Despite the bearish outlook from Kerrisdale, notable investors like Peter Thiel and Cathie Wood remain optimistic about BMNR's future, citing its innovative crypto-centric strategy and aggressive ETH accumulation [8]

Core Viewpoint - BitMine Immersion Technologies Inc has experienced a significant increase in stock value, rising over 600% since its trading began in June 2025, primarily due to its shift from Bitcoin mining to focusing on Ethereum as a digital-asset treasury [1] Company Overview - BitMine is now recognized as the largest corporate holder of Ethereum (ETH) globally, attracting notable investors such as Ark Invest, Founders Fund, Tom Lee, and Bill Miller III [2] - The company's strategy involves selling stock at a premium to acquire more ETH, although this approach has faced criticism [3] Criticism and Concerns - Kerrisdale Capital has published a short report criticizing BitMine's strategy, suggesting that the company's model is unsustainable and that it has issued over $10 billion in new shares in three months, leading to dilution of existing shareholders [3][4] - The report warns that while headline ETH holdings may increase, the per-share growth is under pressure due to competition and market changes [4] Institutional Support - Despite criticisms, BitMine continues to receive strong institutional backing, with ARK Invest holding $417 million in ETFs and Founders Fund maintaining a 9% stake [5] - Supporters of BitMine view its aggressive ETH accumulation as part of a broader narrative involving Ethereum and AI supercycles [5] Investment Outlook - BitMine represents a high-volatility investment opportunity, balancing between crypto enthusiasm and institutional confidence, with potential risks highlighted by short sellers regarding dilution and growth [6]

Core Viewpoint - The cryptocurrency-related stocks continue to decline, reflecting ongoing market pressures and investor sentiment [1] Company Performance - Strategy (MSTR.US) has decreased by 0.8% [1] - Circle (CRCL.US) has dropped over 1.5% [1] - SharpLink Gaming (SBET.US) has fallen by 1.7% [1] - Bitmine Immersion Technologies (BMNR.US) has seen a decline of 1.5% [1]

Core Viewpoint - Kerrisdale Capital has taken a short position in BitMine Immersion (BMNR), criticizing its business model as outdated and unsustainable in current market conditions [1][2]. Company Overview - BitMine, based in Las Vegas, has shifted from a niche bitcoin miner to an ether-focused corporate treasury, raising over $10 billion since July 2025 and acquiring more than 2.8 million ETH [3]. - The stock price surged from approximately $5 to over $100 following the launch of its ether treasury strategy but has since declined to around $58 [4]. Financial Strategy and Market Position - Kerrisdale argues that BitMine's strategy of issuing shares at a premium to acquire crypto is no longer viable, with the pace of stock issuance reaching about $170 million per day, leading to investor fatigue [4]. - The recent $365 million equity raise was criticized as a "discounted giveaway" when considering warrant terms [4]. Leadership and Investor Sentiment - The report questions the effectiveness of Thomas Lee's leadership, suggesting he lacks the influence needed to maintain investor confidence compared to other industry figures [5]. Market Competition and Alternatives - Kerrisdale remains bullish on ether but sees no reason to pay a premium through intermediaries like BitMine, suggesting direct purchases of ETH instead [6]. - The competitive landscape is intensifying, with over 150 U.S.-listed firms planning $100 billion in crypto treasury offerings and upcoming Ethereum ETFs expected to provide lower-cost exposure [6]. Performance Metrics - BitMine's disclosures have become less transparent, with ETH-per-share growth slowing significantly despite an increase in token holdings. The market premium for BitMine has decreased from 2.0x in August to around 1.2x in October [7].

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Ethereum (CRYPTO: ETH) and BitMine Immersion Technologies Inc. (NYSE:BMNR) are moving in lockstep, with ETH reclaiming $4,700 and BitMine stock rising more than 9% on the back of its massive $13.4 billion crypto treasury. Ethereum Price Breakout Clears $4,600 With $5,000 Now In Sight ETH Key Technical Levels (Source: TradingView) Trending: If there was a new fund backed by Jeff Bezos offering a 7-9% target ...

智通财经APP获悉，周二，比特币概念股普跌，截至发稿，Strategy(MSTR.US)跌近8%， Coinbase(COIN.US)跌超5%，Bitmine Immersion Technologies(BMNR.US)跌超7%， Robinhood(HOOD.US)跌超1.7%。比特币盘中跌破12.3万美元关口，日内跌超1.8%；以太坊跌超4%，报 4509美元。 ...

Core Insights - Bitmine Immersion Technologies (BMNR) stock has surged 800% this year, and it now controls nearly 2% of Ethereum's circulating supply, valued at $13.4 billion [2][15] - The company's enterprise value is $14.6 billion, resulting in a multiple of net asset value (mNAV) of 1.09, indicating it trades slightly above the value of its Ethereum holdings [2][3] Valuation Comparison - Compared to Strategy Inc. (MSTR), which has $13.3 billion in Bitcoin assets and an enterprise value of $92 billion, BMNR's mNAV is significantly lower at 1.09x versus MSTR's close to 7x [4][6] - MSTR's higher valuation is attributed to Bitcoin's status as a "digital gold" and its deeper institutional adoption, while Ethereum is perceived as riskier due to its technological complexity and competition [6][7] Ethereum's Position - Ethereum is the second most significant asset in the crypto ecosystem, underpinning DeFi, NFTs, and the Web3 economy, with a 93% price increase over the past year [9][10] - BMNR's current valuation at 1x mNAV suggests it is undervalued, especially considering its substantial Ethereum holdings [10] Upside Potential - If BMNR were to trade at 2x mNAV, the stock price could nearly double to over $120 per share, reflecting market recognition of its strategy and position [11] - A potential 50% increase in Ethereum's price could elevate BMNR's ETH holdings to over $20 billion, indicating significant upside potential [12] Market Sentiment - The market currently undervalues BMNR, implying that it is merely holding ETH without credit for its strategic execution [15] - A shift in sentiment could lead to a substantial increase in BMNR's stock price, making a move to $120+ achievable [15]

We recently published 10 Stocks Investors Are Gobbling Up. Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR) is one of the top performers on Monday. Shares of Bitmine Immersion rallied for a fourth straight day on Monday, jumping 11.38 percent to close at $63.10 apiece following news that it has raised its ownership in Ethereum tokens to a total of $13.4 billion. In a statement, Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR) said it now holds more than 2.8 million units of Ethereum carryin ...

Key Points The crypto specialist maintained its position as the world's major Ethereum holder. It also divulged other holdings in its latest portfolio update. 10 stocks we like better than Bitmine Immersion Technologies › Bitmine Immersion Technologies (NYSEMKT: BMNR), which is known in the cryptocurrency world as a top holder of Ethereum, had some good news to report on what was already a fine Monday for crypto stocks generally. It also benefited handsomely from its association with a hot peer comp ...