BitMine stock saw major swings after the Ether treasury firm caught the ire of short seller Kerrisdale, which issued a scathing report on the company.
Shares in BitMine Immersion Technologies managed to end a choppy day of trading at a slight gain after the crypto treasury company became the latest target of short seller Kerrisdale Capital.
Kerrisdale said in a report on Wednesday that Tom Lee’s BitMine is “chasing a model that is on its way to extinction,” as it took a short position on the company, a bet that its stock would fall.
Kerisdale argued BitMine’s strategy of selling shares at a premium to purchase Ether (ETH) and grow its token-per-share metric is no longer effective, and the company’s value compared to its crypto holdings is narrowing.
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