⚠️ $ETH has been targeted again, Wall Street institutions are shorting Ethereum DATs leader BitMine ⚠️
The reasons for shorting BitMine mainly include six aspects ⬇️:
1️⃣ Each share of Ethereum content has been severely diluted: BMNR has issued over 240 million shares through ATM (at-the-market) in just three months, raising over 10 billion dollars, with an average daily financing of about 170 million dollars, severely diluting each share of Ethereum content;
2️⃣ mNAV continues to decline: The market value of BMNR's net crypto asset value (mNAV) premium has dropped from 2.0 times in August to 1.4 times, with the trend continuing to worsen;
3️⃣ Concealing cash-out facts through financial means: Recently, the 365 million dollars 'premium' financing is actually at a deep discount, and the accompanying warrants significantly dilute the value of common stock;
4️⃣ Lack of transparency in disclosures: The company has stopped disclosing each share NAV and total share capital since August 25, making it impossible for investors to determine whether the 'content' of each share of Ethereum has increased;
5️⃣ Increased competition: 154 companies in the United States plan to raise nearly 100 billion dollars for crypto financial strategies, and the launch of ETFs will further weaken the scarcity of DAT;
6️⃣ Strategy model failure: As the ancestor of DAT, Strategy (formerly known as MicroStrategy) has seen its mNAV premium drop from 2.5 times to 1.4 times, shaking market confidence in this model.
