Short-selling firm Kerrisdale Capital has taken a short position in Bitmine (BMNR), highlighting concerns about the company’s business model and the potential weakening of its DAT (Decentralized Asset Tokenization) strategy. Kerrisdale claims the lack of scarcity and uniqueness in Bitmine’s model has led to diminished investor interest, with competitors driving down premiums that once fueled investor enthusiasm. The firm emphasizes that this short position is not directed towards Ethereum or the broader cryptocurrency market, but rather focuses specifically on Bitmine’s current business approach. Kerrisdale believes Bitmine’s token model requires significant improvements to maintain long-term value in a rapidly evolving and competitive market. The move has sparked questions about the company’s future and its ability to adapt to a changing landscape.