BitMine Immersion Technologies faces a $3.7 billion unrealized loss on its Ethereum holdings due to declining ETH prices, threatening the business model of digital-asset treasury (DAT) firms with falling mNAV ratios below 1.0, as highlighted by 10x Research. BlackRock’s proposed staked Ether ETF adds competitive pressure with lower fees. BitMine’s mNAV at 0.77 signals funding
