Overview
- On-chain data shows BitMine purchased 23,823 ETH worth about $103.7 million on Oct. 10, lifting October buys above $407 million.
- The company’s reported holdings stand near 2.83 million ETH, placing it among the largest corporate owners of the token.
- Kerrisdale Capital disclosed a short position and called the equity-for-crypto playbook unsustainable, citing a premium to NAV that slid from roughly 2.0x in August to about 1.2x by September–October.
- BMNR shares turned volatile after the report, with coverage noting an intraday drop and a later 4.7% decline to $56.90 on Oct. 9.
- Critics highlight reduced transparency on share count and NAV-per-share updates and point to expanding ETF options and rival treasury raises as lower-cost routes to ETH exposure.