Kerrisdale Capital announced the shorting of BitMine Immersion (BMNR) stock, criticizing its use of a similar strategy to MicroStrategy (MSTR), namely raising funds by issuing stocks at a high premium to purchase cryptocurrencies, attempting to increase the value of each token. The report points out that this strategy has become less effective after changes in market conditions, with BMNR recently issuing a large number of new shares leading to a decrease in investor enthusiasm, a slowdown in the increase in ETH per share, and a continuous narrowing of the asset's net value premium.