TechFlow, October 9 — Investment firm Kerrisdale Capital announced on X that it has taken a short position in Bitmine, the treasury company holding Ethereum reserves. The firm argues that the so-called DAT (Digital Asset Treasury) model has become mundane and unoriginal: as nearly identical copycat projects flood the market, premiums are collapsing, and the ability to issue shares above net asset value (NAV) to increase per-share ETH exposure is disappearing.
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