BMNR is trading at 9.4% down now at $46.96 after Kerrisdale Capital announced a short position and published a critical report targeting BitMine Immersion’s (BMNR) business model. Kerrisdale called BMNR’s strategy of issuing shares to buy ETH 'outdated and unsustainable,' arguing that the premium to net asset value is no longer justified and that market enthusiasm has faded. The report also questioned the influence of executive chairman Thomas Lee and predicted BMNR’s premium would 'sink.' The negative sentiment from this high-profile short call is driving significant selling pressure on BMNR shares today.