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BitMine Immersion Technologies Inc (NASDAQ:BMNR) has been on a meteoric rise this year—up more than 600% since it began trading in June 2025—driven by its pivot from Bitcoin (CRYPTO: BTC) mining to an Ethereum (CRYPTO: ETH) -focused digital-asset treasury.
The company now claims the crown as the world's largest corporate holder of ETH, attracting marquee investors like Cathie Wood‘s Ark Invest, Peter Thiel's Founders Fund, Tom Lee, and Bill Miller III. For supporters of crypto supercycles, BitMine stock looks like a must-watch play.
But not everyone is convinced. Kerrisdale Capital, led by Sahm Adrangi, recently published a short report on BitMine, calling it "DAT ain't no strategy." The thesis: BitMine's flywheel—selling stock at a premium to buy more ETH—is "on its way to extinction."
Kerrisdale points out that the company has issued over $10 billion in new shares in just three months, diluting existing holders and slowing ETH-per-share growth. The recent $365 million direct offering, trumpeted as "materially accretive" at a headline $70 price, was in reality a discounted giveaway once the value of the attached warrants is accounted for.
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Kerrisdale emphasizes that the model thrived in an era of scarcity and meme-like demand, which has vanished. With an expanding universe of competing crypto treasuries and ETFs, the report warns that BMNR's "premium is destined to sink further to those of its already rekt peers."
Investors are cautioned: headline ETH holdings may grow, but per-share accretion is under pressure.
Yet institutional support remains formidable. ARK Invest holds $417 million across ETFs, Founders Fund maintains a 9% stake, and Miller is firmly on board.
Lee champions BitMine's aggressive ETH accumulation as part of a "two supercycle" narrative with AI.
For investors betting on Ethereum adoption, this is a strong endorsement.
BitMine sits at the intersection of crypto euphoria and institutional conviction—but with caution flags waving. Shorts highlight dilution and slowing per-share growth; supporters see a corporate treasury model echoing MicroStrategy Inc's (NASDAQ:MSTR) Bitcoin strategy.
For investors, it's a high-volatility, high-visibility wager: either BitMine's ETH flywheel spins again, or the premium narrative unravels.
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Photo: Zakharchuk on Shutterstock
