BitMine (BMNR) Stock Drops 3% After Kerrisdale’s Short-Sell Report
BitMine Technologies (BMNR) has experienced a 17,000% year-to-date rally but is currently under pressure after Kerrisdale Capital declared a short position. The firm criticized BMNR as "overvalued" and pointed out that the company's NAVG premium is collapsing.
Key Points
- BMNR stock dropped by 3% to $58 in pre-trading on Oct. 9 following Kerrisdale Capital's report questioning its fundraising strategy.
- BitMine acquired 2.83 million ETH coins since June 2025, becoming the second-largest crypto treasury by AUM.
- The company issued over $10 billion in new stock in recent months, but the ETH-per-share growth rate has slowed.
- Kerrisdale noted reduced transparency from BitMine, as updated share count and NAV-per-share figures were omitted from releases since Aug. 25.
Technical Analysis
- Analyst Donald Dean sees minor weakness in BMNR, predicting a retest of support at $56.05 with a price target of $71.74.
- Market analyst Mike Investing suggests BMNR is poised for a strong upside move, indicating consolidation within a wedge pattern for over three months.
- Potential buying opportunity below $60 with a target of $110+ by November.
