The largest shareholders of Bitmine Immersion Technologies (BMNR) stock increased their investments in the leading Ethereum treasury company in the fourth quarter of 2025 despite a wider crypto market crash and poor stock price performance.
Morgan Stanley, the top reported holder, increased its position by about 26% to more than 12.1 million shares, valued at $331 million at quarter end, 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% 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 adds BMNR exposure despite 48% stock slide
Each of the top 11 largest shareholders increased exposure to BMNR during Q4 of 2025, including Charles Schwab, Van Eck, Royal Bank of Canada, Citigroup and the Bank of New York Mellon Corporation, according to official filings compiled by crypto investor Collin.
The accumulation 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 near $19.90 in premarket action Thursday, according to Google Finance.
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Institutional investments keep Bitmine mNAV above water
The continued institutional investments are bringing more capital to support Bitmine’s operations and continued Ether ($ETH) purchases.
The company’s financing flexibility is closely watched through its market net asset value, or mNAV, a ratio that compares a company’s enterprise value to the value of its crypto holdings.
An mNAV below 1 can make it harder for companies to raise capital by issuing new shares, potentially limiting additional cryptocurrency purchases. Data tracked by Bitmine monitoring services indicated the company’s mNAV remained above 1, supported in part by continued institutional ownership.
Related: Bitmine nears $7B in unrealized losses as Ether downturn pressures treasury firms
Bitmine continues to expand its Ether holdings amid the market downturn. It purchased 45,759 Ether for about $260 million during the past week, at an average cost basis of $1,992 per $ETH.
Bitmine is the biggest corporate Ether holder, with 4.37 million Ether worth about $8.69 billion on its books, according to data from the StrategicEthReserve.
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