最新报道:According to Bijie.com, on October 9th, BMNR (Binance, Bitcoin Ratio) fell 3.55% intraday, bringing its market capitalization to $16.5 billion. This follows the announcement by prominent short-selling firm Kerrisdale Capital that it had shorted the shares of Bitmine, the Ethereum treasury reserve company. Kerrisdale Capital believes the so-called DAT (Digital Asset Treasury) model has become banal and uninspired: as the market floods with nearly identical copycat projects, premiums are collapsing, and the ability to increase the ETH content per share by issuing shares above net asset value (NAV) is fading. Companies pursuing this "crypto-asset treasury strategy" have planned to raise over $100 billion, undermining the scarcity that previously supported these high premiums. Today, many of these companies' shares are trading near or below their net asset value, their self-circulating mechanisms stagnating and the model beginning to collapse.