**Bitmine, one of the biggest Ethereum-focused treasury outfits, might be way shakier than it looks. A new Kerrisdale report calls out questionable valuation models, stalled growth “flywheels,” opaque disclosures and failed premium capital raises—all signs that Bitmine’s ETH reserves could be overhyped.
If Bitmine trips, it could set off a domino effect across other crypto treasuries, triggering panic selling and sending ETH’s price into a tailspin. This deep dive breaks down how those dominoes might fall—and why the next market swoon could be nastier than you think.**
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