Shares in BitMine Immersion Technologies ended the day with a slight gain after short seller Kerrisdale Capital targeted the crypto treasury company. Kerrisdale criticized BitMine’s strategy of selling shares to buy Ether, pinning the company at 9 Ether per 1,000 shares. BitMine is one of many crypto treasury companies buying crypto to attract investors.

BitMine’s stock initially fell after Kerrisdale’s report but ended Tuesday up 1.35% at $60. Kerrisdale has targeted other crypto companies like Riot Platforms and Strategy in the past. Kerrisdale criticized BitMine’s pace of stock offerings and the $365 million share offering in late September.

Kerrisdale also took aim at BitMine’s executive chair Tom Lee, stating he lacks the cult-like following of Michael Saylor. Kerrisdale criticized BitMine’s strategy, claiming it lacks scarcity and charisma. The company also criticized BitMine’s lack of transparency in reporting net asset value and slow growth in ETH-per-share.

Kerrisdale’s report is not a bet against Ethereum but against the idea of paying a premium for it. Kerrisdale suggested investors buy ETH directly or invest in ETFs. Kerrisdale claimed BitMine’s strategy is generic, competition is growing, and capital raises are dilutive. The company needs innovation to succeed in the market.

Read more at Cointelegraph: BitMine Stock Chops After Rousing Short Seller Kerrisdale