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  5. ATRL: Hello, Any comments on the short report on BMNR. [AtkinsRéalis Group Inc.]
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Q: Hello,
Any comments on the short report on BMNR. Supposedly the short seller had a similar view on MicroStrategy but the short aspect did not materialize. Tom Lee is well known so I am not sure to bail at this point or stick to it for longer term. Also, i was hoping to see a surge in ATRL after the announcements of the major projects but the stock hardly moved. Any comments please. Thanks very much.
Asked by umedali on October 14, 2025
5i Research Answer:

The short thesis largely apPears to be about the business model itself. So we think one's stance on names like this is really just whether they believe/trust the business model and we think there are valid cases to be made on either side. There is also a big 'reversion to the mean' argument for a stock up 628% this year and 2,200% over 52-weeks. There is a capital allocation move with these companies. With their stocks trading at a premium, they can issue equities and buy crypto and profit, and simply repeat the process. It all works out fine until the premium erodes. BMNR has a 6% short interest, which is really not that significant. It continues to buy ETH, but the volatility of the markets has really spiked recently. It is, at the moment, a bit of a cult stock, and its fortunes are going to be essentially completely tied to the crypto market, and a little bit beyond the company's control. Risks need to be considered here. 

Authors of this answer, directors, partners and/or officers of 5i Research and/or affiliated companies have a financial or other interest in BMNR.