Du Jun Criticizes Shorting Ethereum Amid Market Trends

According to BlockBeats, ABCDE co-founder Du Jun expressed on social media that while shorting premium treasury companies like BMNR is feasible, shorting Ethereum would be unwise. Previously, BlockBeats reported that the well-known short-selling firm Kerrisdale Capital announced it had shorted the stock of Ethereum treasury reserve company Bitmine. Kerrisdale Capital argued that the Digital Asset Treasury (DAT) model has become mundane and lacks innovation. As nearly identical projects flood the market, premiums are collapsing, and the ability to increase the per-share Ethereum content by issuing stock above net asset value (NAV) is diminishing. Companies pursuing the "crypto asset treasury strategy" have collectively aimed to raise over $100 billion, undermining the scarcity that once supported high premiums. Currently, many of these companies' stocks are trading at or below their net value, with their self-sustaining mechanisms stalling and models beginning to collapse.