BMNR Stock Suffers Short-Squeeze Pressure Amidst Ethereum Decline

BitMine Immersion Technologies Inc. (BMNR) experienced a 3.55% intraday drop, impacting its market capitalization to $16.5 billion, fueled by escalating short selling and falling Ethereum prices. This decline reflects growing skepticism about BMNR’s strategy tied to Ethereum, particularly in the light of recent investor withdrawals from ETH-related Exchange Traded Funds (ETFs) totaling $300 million. Kerrisdale Capital, a prominent short seller, has recently amplified this pressure by publishing a critical report exposing vulnerabilities within BMNR’s business model and highlighting the company’s reliance on Ethereum for its valuation.