The largest shareholders of Bitmine Immersion Technologies (BMNR) stock increased their investment in the leading Ethereum treasury company in the fourth quarter of 2025 despite the broader crypto market crash and poor stock price performance.
Morgan Stanley, the largest reported holder, increased its position by about 26% to more than 12.1 million shares, worth $331 million at the end of the quarter, according to its Form 13F filing with the US Securities and Exchange Commission. ARK Investment Management, the second-largest holder, increased its stake by about 27 percent to more than 9.4 million shares worth $256 million, its filing shows.
Several other top institutional holders also increased exposure. BlackRock increased its BMNR holdings by 166%, Goldman Sachs by 588%, Vanguard by 66% and Bank of America by 1,668%.
Wall Street increased exposure to BMNR despite a 48% stock slide.
Each of the top 11 largest shareholders increased exposure to BMNR during the fourth quarter of 2025, including Charles Schwab, Van Eyck, Royal Bank of Canada, Citigroup and Bank of New York Mellon Corp., according to official filings compiled by crypto investor Colin.
This came despite a sharp drop in Bitmine’s share price. BMNR fell about 48% in the fourth quarter of 2025 and about 60% over the past six months, trading around $19.90 in premarket action on Thursday, according to Google Finance.
Related: BlackRock Enters DeFi As Institutional Crypto Push Accelerates: Redefining Finance
Institutional investment keeps Bitmine mNAV above water.
Continued institutional investment is bringing in more capital to continue Bitmine’s operations and Ether (ETH) purchases.
A company’s financial flexibility is closely monitored through its market net asset value, or mNAV, a ratio that compares the company’s enterprise value to the value of its crypto holdings.
An mNAV of less than 1 can make it difficult for companies to raise capital by issuing new shares, potentially limiting additional cryptocurrency purchases. Data tracked by BitMine Monitoring Services shows the company’s MNAV remained above 1, supported in part by continued institutional ownership.
Related: Bitmine closes in on $7B in unrealized losses as Ether slump puts pressure on treasury firms
Bitmine continues to grow its Ether holdings amid the market downturn. It bought 45,759 Ether for about $260 million over the past week, at an average price of $1,992 per ETH.
According to data from StrategicEthReserve, Bitmine is the largest corporate ether holder, with 4.37 million ethers worth about $8.69 billion on its books.
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