⚠️ $ETH has been targeted again, Wall Street institutions are shorting the leader in Ethereum DATs, BitMine ⚠️

The reasons for shorting BitMine mainly include six aspects⬇️:

1️⃣The Ether content per share 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 the Ether content per share;

2️⃣mNAV continues to decline: The market cap of BMNR has decreased its premium over its net crypto asset value (mNAV) from 2.0 times in August to 1.4 times, and the trend continues to worsen;

3️⃣Using financial means to cover up the cashing-out facts: Recently, the "premium" financing of 365 million USD is actually a deep discount, and the attached warrants significantly dilute the value of common stock;

4️⃣Lack of Transparency: The company has stopped disclosing the NAV per share and total share capital since August 25, making it impossible for investors to determine whether the "content" of each Ether has increased;

5️⃣Increased competition: 154 companies in the United States plan to raise nearly $100 billion for cryptocurrency financial strategies, and the launch of ETFs will further weaken the scarcity of DAT;

6️⃣Strategy model failure: As the ancestor of DAT, the mNAV premium of Strategy (formerly known as MicroStrategy) has dropped from 2.5 times to 1.4 times, shaking market confidence in this model.

#Crypto Market Pullback