The largest shareholder of Bitmine Immersion Technologies (BMNR) stock increased its investment in the leading Ethereum treasury company in the fourth quarter of 2025, despite a widespread sell-off in the crypto market and poor stock performance.
Top holder Morgan Stanley increased its position by about 26% to more than 12.1 million shares, worth $331 million at the end of the quarter, according to a Form 13F filing with the U.S. Securities and Exchange Commission. The second-largest holder, ARK Investment Management, increased its stake by about 27% to more than 9.4 million shares, worth $256 million, according to filings.
Morgan Stanley BMNR stock holdings during 2025, 13F-HR filing. sauce: 13f.info
Several other top institutional investors also increased their exposure. BlackRock increased its stake in BMNR by 166%, Goldman Sachs by 588%, Vanguard by 66%, and Bank of America by 1,668%.
Wall Street adds BMNR exposure despite stock price drop of 48%
According to official documents compiled by crypto investor Colin, each of the top 11 major shareholders, including Charles Schwab, Van Eck, Royal Bank of Canada, Citigroup, and Bank of New York Mellon Corporation, increased their exposure to BMNR in the fourth quarter of 2025.
sauce: Colin
This accumulation came even as Bitmine’s stock price plummeted. BMNR is down about 48% in the fourth quarter of 2025 and about 60% over the past six months, according to Google Finance, and was trading near $19.90 in pre-market trading on Thursday.
Related: BlackRock enters DeFi as institutional investors accelerate their push for cryptocurrencies: Redefining finance
BMNR stock price, 6 month chart. Source: Google Finance
Bitmine’s mNAV by institutional investors is kept above water level
Continued investment by institutional investors is bringing in more capital to support Bitmine’s operations and continued Ether ($ETH)purchase.
The company’s funding flexibility is closely monitored through its market net asset value (mNAV), which compares the company’s value to the value of its crypto holdings.
When mNAV falls below 1, it becomes difficult for companies to raise capital by issuing new shares, which may limit the purchase of additional cryptocurrencies. Data tracked by Bitmine monitoring service showed that the company’s mNAV is above 1, partially supported by continued institutional ownership.
Related: Ether’s slump weighs on financial companies, with Bitmine’s unrealized losses approaching $7 billion
Bitmine continues to expand its Ether holdings even amid the market downturn. Over the past week, 45,759 Ether were purchased for approximately $260 million, with an average cost basis of $1,992 each. $ETH.
Bitmine is the largest corporate ether holder, holding 4.37 million ether worth about $8.69 billion on its books, according to StrategicEthReserve data.
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