Bitmine Immersion Technologies (BMNR)’s largest shareholders increased their investment in leading Ethereum treasury company in the fourth quarter of 2025 despite the broader cryptocurrency market crash and faint share price performance.
Morgan Stanley, the largest reported holder, increased its position by approximately 26% to more than 12.1 million shares, worth $331 million at the end of the quarter, According to pursuant to its Form 13F filed with the U.S. Securities and Exchange Commission. ARK Investment Management, the second-largest holder, increased its holdings by about 27% to more than 9.4 million shares worth $256 million, filed can be seen.
Several other top institutional investors also increased exposure. BlackRock increased its stake in BMNR by 166%, Goldman Sachs by 588%, Vanguard by 66% and Bank of America by 1668%.
Wall Street is increasing exposure to BMNR despite a 48% share price decline.
Each of the 11 largest shareholders increased their exposure to BMNR in the fourth quarter of 2025, including Charles Schwab, Van Eck, Royal Bank of Canada, Citigroup and Bank of Recent York Mellon Corporation, According to to official documents compiled by crypto investor Collin.
The accumulation occurred despite a piercing decline in Bitmine’s share price. BMNR fell about 48% in the fourth quarter of 2025 and about 60% over the last six months, reaching near $19.90 on Thursday before the market opened, According to to Google Finance.
Related: BlackRock Enters DeFi as Institutional Growth of Cryptocurrencies Accelerates: Finance Redefined
Institutional investments keep Bitmine mNAV above water
Continued institutional investment provides more capital to support Bitmine’s business and continue Ether (ETH) purchases.
A company’s financing flexibility is closely monitored through its marketable net asset value, or mNAV, a ratio that compares the company’s enterprise value to the value of its crypto assets.
mNAV below 1 could make it more tough for companies to raise capital by issuing up-to-date shares, potentially limiting additional cryptocurrency purchases. Data tracked by Bitmine monitoring services indicated that the company’s mNAV remains above 1, partially supported by continued institutional ownership.
Related: Bitmine approaches $7 billion in unrealized losses as Ether downturn puts pressure on treasury firms
Bitmine continues to expand its Ether holdings amid the market downturn. Last week, it purchased 45,759 Ether for approximately $260 million, at an average cost of $1,992 per ETH.
Bitmine is the largest corporate holder of Ether, with 4.37 million Ether on its books worth approximately $8.69 billion, According to to data from StrategicEthReserve.
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