The firm Kerrisdale Capital has taken a short position in $BMNR, and the rumor in @rumour.app is clear: the DAT business model is in danger.
📉 The data doesn't lie:
· Premiums collapsing: The one for $BMNR dropped from 2.0x in August to ~1.2x in October.
· Unsustainable strategy: They issue shares to buy crypto, but the saturation is such that $10 billion in new shares have been issued in just 3 months.
· Fierce competition: More than 150 listed companies plan crypto treasury offerings worth $100 billion.
🧠 What does this mean?
Kerrisdale is not betting against Ethereum, but against paying an unnecessary premium for an exposure that you can obtain directly. If you want ETH, buy it, stake it, or use an ETF.
In #Traderumour the community is already analyzing whether this movement announces the end of an era for treasury companies. Was Kerrisdale's cut an early alpha?
