BitMine Immersion (BMNR) is grappling with over $4 billion in unrealized losses on its Ethereum holdings, following a 45% price drop since August. Despite reporting $328 million in net income for the fiscal year ending August 31, the company's stock has plummeted 84% from its July peak. Analyst Markus Thielen highlighted structural challenges for digital asset trusts like BitMine, citing high fees, leadership compensation, and low staking yields as key issues. Thielen pointed out that Ethereum's staking yield of 2.9% is less attractive compared to risk-free alternatives, with volatility continuing to pose risks for investors.