异动解读 | 做空机构Kerrisdale Capital做空BMNR,股价盘中大跌5.02%

异动解读
Oct 09, 2025

10月9日盘中,以太坊财库储备公司BitMine Immersion Technologies Inc.(股票代码:BMNR)股价大跌5.02%,引发市场关注。这一显著跌幅与知名做空机构Kerrisdale Capital最新发布的做空公告密切相关。

Kerrisdale Capital在其公告中表示,他们已经做空BMNR股票。该机构认为,所谓的DAT(Digital Asset Treasury)模式已变得平庸且缺乏创新。Kerrisdale Capital指出,随着市场上充斥着几乎相同的复制项目,BMNR股票的溢价正在崩塌,而通过高于净资产价值(NAV)发行股票来提升每股ETH含量的能力也正在消失。

据悉,目前追逐"加密资产国库策略"的公司计划筹集的资金总额已超过1000亿美元,这打破了原本支撑高溢价的稀缺性。许多此类公司的股票交易价格已接近或低于净值,其自我循环机制停滞,模型开始崩塌。Kerrisdale Capital预计BMNR的溢价将继续下滑,可能会跌至与净值持平甚至更低的水平。目前BMNR的市值对净值比约为1.4倍,Kerrisdale Capital认为仍有超过40%的下行空间。

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