M&#7897;t b&aacute;o c&aacute;o m&#7899;i t&#7915; m&#7897;t c&ocirc;ng ty b&aacute;n kh&#7889;ng &#273;&atilde; &#273;&#432;&#7907;c ph&aacute;t h&agrave;nh v&#7873; BitMine Immersion Technologies, Inc. (BMNR), m&#7897;t trong nh&#7919;ng c&ocirc;ng ty Ethereum Digital Asset Treasury (DAT) l&#7899;n nh&#7845;t. B&aacute;o c&aacute;o cho r&#7857;ng c&aacute;c nh&agrave; &#273;&#7847;u t&#432; kh&ocirc;ng c&ograve;n l&yacute; do &#273;&#7875; tr&#7843; gi&aacute; cao cho c&aacute;c ph&#432;&#417;ng ti&#7879;n &#273;&#7847;u t&#432; gi&aacute;n ti&#7871;p v&agrave;o ti&#7873;n &#273;i&#7879;n t&#7917; nh&#432; BMNR.
<a href="https://www.kerrisdalecap.com/wp-content/uploads/2025/10/Kerrisdale-BitMine-Immersion.pdf" target="_blank" rel="noreferrer noopener">B&aacute;o c&aacute;o, &#273;&#432;&#7907;c c&ocirc;ng b&#7889; b&#7903;i Kerrisdale Capital</a>, m&#7897;t c&ocirc;ng ty b&aacute;n kh&#7889;ng n&#7893;i ti&#7871;ng, cho bi&#7871;t h&#7885; &#273;ang gi&#7919; v&#7883; th&#7871; b&aacute;n kh&#7889;ng c&#7893; phi&#7871;u BMNR.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-bmnr-s-vicious-cycle-of-dilution">V&ograve;ng lu&#7849;n qu&#7849;n pha lo&atilde;ng c&#7911;a BMNR</h2>

Kerrisdale Capital &#273;&#432;&#7907;c th&agrave;nh l&#7853;p b&#7903;i Sahm Adrangi v&agrave;o n&#259;m 2009. C&ocirc;ng ty n&#7893;i ti&#7871;ng v&#7899;i c&aacute;c b&aacute;o c&aacute;o nghi&ecirc;n c&#7913;u ph&ecirc; ph&aacute;n v&#7873; c&aacute;c c&ocirc;ng ty &ldquo;&#273;&#432;&#7907;c &#273;&#7883;nh gi&aacute; qu&aacute; cao&rdquo; ho&#7863;c &ldquo;c&oacute; v&#7845;n &#273;&#7873;&rdquo;, th&#432;&#7901;ng c&oacute; t&aacute;c &#273;&#7897;ng &#273;&aacute;ng k&#7875; &#273;&#7871;n th&#7883; tr&#432;&#7901;ng.
B&aacute;o c&aacute;o c&#7911;a Kerrisdale cho r&#7857;ng BMNR &#273;ang b&#7855;t ch&#432;&#7899;c chi&#7871;n l&#432;&#7907;c m&agrave;&nbsp;<a href="https://vn.beincrypto.com/microstrategy-shareholders-risk-saylor-bitcoin-buys/" target="_blank" rel="noopener">MicroStrategy (MSTR)</a> t&#7915;ng th&agrave;nh c&ocirc;ng. C&#7889;t l&otilde;i c&#7911;a chi&#7871;n l&#432;&#7907;c n&agrave;y l&agrave; t&#259;ng ETH tr&ecirc;n m&#7895;i c&#7893; phi&#7871;u b&#7857;ng c&aacute;ch ph&aacute;t h&agrave;nh c&#7893; phi&#7871;u m&#7899;i v&#7899;i gi&aacute; cao h&#417;n Gi&aacute; tr&#7883; T&agrave;i s&#7843;n R&ograve;ng (NAV) c&#7911;a c&ocirc;ng ty, huy &#273;&#7897;ng v&#7889;n v&agrave; sau &#273;&oacute; s&#7917; d&#7909;ng s&#7889; ti&#7873;n &#273;&oacute; &#273;&#7875; mua th&ecirc;m Ethereum.
Tuy nhi&ecirc;n, Kerrisdale cho r&#7857;ng m&ocirc; h&igrave;nh n&agrave;y kh&ocirc;ng c&ograve;n hi&#7879;u qu&#7843;, v&igrave; s&#7921; khan hi&#7871;m v&agrave; s&#7921; nhi&#7879;t t&igrave;nh &ldquo;meme&rdquo; t&#7915;ng th&uacute;c &#273;&#7849;y gi&aacute; cao c&#7911;a MSTR &#273;&atilde; phai nh&#7841;t. Th&#7921;c t&#7871;, gi&aacute; cao c&#7911;a MSTR (mNAV) g&#7847;n &#273;&acirc;y &#273;&atilde; gi&#7843;m t&#7915; 2.0x&ndash;2.5x xu&#7889;ng d&#432;&#7899;i 1.5x.
Trong b&#7889;i c&#7843;nh n&agrave;y, BMNR &#273;&atilde; ph&aacute;t h&agrave;nh h&#417;n 10 t&#7927; USD c&#7893; phi&#7871;u m&#7899;i ch&#7881; trong ba th&aacute;ng. M&#7863;c d&ugrave; t&#7893;ng s&#7889; ETH m&agrave; c&ocirc;ng ty n&#7855;m gi&#7919; ti&#7871;p t&#7909;c t&#259;ng, t&#7889;c &#273;&#7897; t&#259;ng tr&#432;&#7903;ng ETH tr&ecirc;n m&#7895;i c&#7893; phi&#7871;u &#273;&atilde; ch&#7853;m l&#7841;i &#273;&aacute;ng k&#7875;. Gi&aacute; cao mNAV c&#7911;a BMNR &#273;&atilde; gi&#7843;m m&#7841;nh t&#7915; tr&ecirc;n 2.0x v&agrave;o th&aacute;ng 08 xu&#7889;ng c&ograve;n kho&#7843;ng 1.2x m&#7897;t th&aacute;ng sau &#273;&oacute;.
Kerrisdale c&#361;ng c&aacute;o bu&#7897;c BMNR tr&#7903; n&ecirc;n k&eacute;m minh b&#7841;ch h&#417;n trong c&aacute;c c&ocirc;ng b&#7889; c&#7911;a m&igrave;nh khi &ldquo;b&aacute;nh &#273;&agrave;&rdquo; c&#7911;a c&ocirc;ng ty b&#7855;t &#273;&#7847;u ch&#7853;m l&#7841;i. K&#7875; t&#7915; ng&agrave;y 25/08, BMNR &#273;&atilde; &acirc;m th&#7847;m lo&#7841;i b&#7887; s&#7889; l&#432;&#7907;ng c&#7893; phi&#7871;u c&#7853;p nh&#7853;t v&agrave; s&#7889; li&#7879;u NAV tr&ecirc;n m&#7895;i c&#7893; phi&#7871;u kh&#7887;i c&aacute;c th&ocirc;ng c&aacute;o b&aacute;o ch&iacute; h&agrave;ng tu&#7847;n c&#7911;a m&igrave;nh.
Kerrisdale di&#7877;n gi&#7843;i &#273;i&#7873;u n&agrave;y l&agrave; BMNR &#273;ang che gi&#7845;u c&aacute;c ch&#7881; s&#7889; m&agrave; c&ocirc;ng ty t&#7915;ng s&#7917; d&#7909;ng &#273;&#7875; ch&#7913;ng minh s&#7921; t&#259;ng tr&#432;&#7903;ng c&#7911;a m&igrave;nh khi t&#259;ng tr&#432;&#7903;ng tr&ecirc;n m&#7895;i c&#7893; phi&#7871;u ch&#7853;m l&#7841;i. Theo h&#7885;, &#273;i&#7873;u n&agrave;y kh&ocirc;ng li&ecirc;n quan &#273;&#7871;n gi&aacute; tr&#7883; n&#7897;i t&#7841;i c&#7911;a Ethereum. C&ocirc;ng ty d&#7921; &#273;o&aacute;n r&#7857;ng gi&aacute; cao NAV c&#7911;a nhi&#7873;u c&ocirc;ng ty DAT, bao g&#7891;m c&#7843; BMNR, s&#7869; ti&#7871;p t&#7909;c s&#7909;p &#273;&#7893;. &#272;i&#7873;u n&agrave;y l&agrave; do c&aacute;c quy &#273;&#7883;nh v&#7873; ti&#7873;n &#273;i&#7879;n t&#7917; &#273;ang &#273;&#432;&#7907;c n&#7899;i l&#7887;ng v&agrave; &#273;&#7847;u t&#432; tr&#7921;c ti&#7871;p tr&#7903; n&ecirc;n d&#7877; d&agrave;ng h&#417;n.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-contrary-wood-and-thiel-remain-bullish">Ng&#432;&#7907;c l&#7841;i: Wood v&agrave; Thiel v&#7851;n l&#7841;c quan</h2>

M&#7863;c d&ugrave; c&oacute; quan &#273;i&#7875;m ti&ecirc;u c&#7921;c n&agrave;y, c&oacute; m&#7897;t l&#7853;p lu&#7853;n m&#7841;nh m&#7869; r&#7857;ng BMNR c&oacute; m&#7897;t t&#432;&#417;ng lai s&aacute;ng. C&aacute;c nh&agrave; &#273;&#7847;u t&#432; n&#7893;i ti&#7871;ng tin r&#7857;ng chi&#7871;n l&#432;&#7907;c t&#7853;p trung v&agrave;o ti&#7873;n &#273;i&#7879;n t&#7917; v&agrave; t&iacute;ch l&#361;y ETH m&#7841;nh m&#7869; c&#7911;a c&ocirc;ng ty l&agrave; s&aacute;ng t&#7841;o.
<a href="https://vn.beincrypto.com/peter-thiel-invests-ethereum-bitmine/" target="_blank" rel="noreferrer noopener">Peter Thiel</a>, m&#7897;t nh&agrave; &#273;&#7847;u t&#432; n&#7893;i ti&#7871;ng &#7903; Wall Street v&agrave; l&agrave; nh&agrave; &#273;&#7847;u t&#432; s&#7899;m c&#7911;a BMNR, &#273;&atilde; ti&#7871;t l&#7897; s&#7903; h&#7919;u 9.1% c&#7893; ph&#7847;n trong c&ocirc;ng ty. ARK Invest, m&#7897;t qu&#7929; n&#7893;i ti&#7871;ng v&#7899;i vi&#7879;c t&#7853;p trung v&agrave;o c&#7893; phi&#7871;u c&ocirc;ng ngh&#7879; do Cathie Wood d&#7851;n d&#7855;t, hi&#7879;n &#273;ang n&#7855;m gi&#7919; 6,456,242 c&#7893; phi&#7871;u (3.61%) c&#7911;a BMNR.
Wood &#273;&#432;&#7907;c bi&#7871;t &#273;&#7871;n v&#7899;i quan &#273;i&#7875;m l&#7841;c quan v&#7873; chi&#7871;n l&#432;&#7907;c t&iacute;ch l&#361;y ETH m&#7841;nh m&#7869; c&#7911;a BMNR. B&agrave; c&#361;ng &#273;&atilde; c&ocirc;ng khai nh&#7845;n m&#7841;nh gi&aacute; tr&#7883; d&agrave;i h&#7841;n c&#7911;a ETH. Qu&#7929; c&#7911;a b&agrave; g&#7847;n &#273;&acirc;y &#273;&atilde; mua th&ecirc;m h&#417;n 54,000 c&#7893; phi&#7871;u c&#7911;a BMNR v&agrave;o th&aacute;ng 10.
Gi&aacute; c&#7893; phi&#7871;u c&#7911;a BMNR, &#273;&atilde; v&#432;&#7907;t qua 63.00 USD v&agrave;o th&#7913; Ba, &#273;&atilde; gi&#7843;m nh&#7865; sau khi b&aacute;o c&aacute;o b&aacute;n kh&#7889;ng c&#7911;a Kerrisdale Capital &#273;&#432;&#7907;c ph&aacute;t h&agrave;nh, v&agrave; &#273;&oacute;ng c&#7917;a &#7903; m&#7913;c 60.00 USD m&#7895;i c&#7893; phi&#7871;u v&agrave;o th&#7913; T&#432;.

BitMine của Tom Lee bị nhắm đến trong báo cáo của người bán khống