Tom Lee's Bitmine Immersion Newest Target of Short-Seller Kerrisdale Capital

Kerrisdale Capital has taken a short position in BitMine Immersion (BMNR), the ether-focused digital asset treasury firm led by Fundstrat's Thomas Lee, calling its business model a relic of a bygone crypto era. In a detailed report published Wednesday, the well-known short-seller said BitMine’s strategy mirrors that of Strategy (MSTR) — issuing shares at a premium to buy crypto and grow token-per-share metrics — but argued that market conditions no longer support that model. “BMNR is chasing a model that ...