The largest shareholders of Bitmine Immersion Technologies (BMNR) stock increased their investment within the leading Ethereum finance company within the fourth quarter of 2025, despite a broader crypto market crash and poor share price performance.
Morgan Stanley, probably the most widely reported holder, increased its position by about 26% to greater than 12.1 million shares, valued at $331 million at the tip of the quarter, in accordance with a Form 13F filing with the U.S. Securities and Exchange Commission. ARK Investment Management, the second-largest shareholder, increased its stake by about 27% to greater than 9.4 million shares value $256 million, filings show.
Shareholdings of Morgan Stanley BMNR in 2025, 13F-HR filing. Source: 13f.info
Several other leading institutional investors also increased their exposure. BlackRock increased its BMNR holdings by 166%, Goldman Sachs by 588%, Vanguard by 66% and Bank of America by 1,668%.
Wall Street increases BMNR exposure by 48% despite share price decline
Each of the 11 largest shareholders increased their exposure to BMNR within the fourth quarter of 2025, including Charles Schwab, Van Eck, Royal Bank of Canada, Citigroup and Bank of New York Mellon Corporation, in accordance with official filings from crypto investor Collin.
Source: Collin
The accumulation occurred despite a pointy decline in Bitmine's share price. According to Google Finance, BMNR fell about 48% within the fourth quarter of 2025 and about 60% over the past six months, trading at nearly $19.90 premarket on Thursday.
BMNR stock price, six-month chart. Source: Google Finance
Institutional investments are keeping Bitmine’s mNAV afloat
The continued institutional investment brings more capital to support Bitmine's operations and continued Ether (ETH) purchases.
The company's funding flexibility is closely monitored through its Market Net Asset Value (mNAV), a ratio that compares an organization's enterprise value to the worth of its crypto holdings.
An mNAV below 1 may make it tougher for corporations to boost capital by issuing recent shares, potentially limiting additional cryptocurrency purchases. Data collected by Bitmine monitoring services suggests that the corporate's mNAV remained above 1, partly on account of continued institutional ownership.
Bitmine continues to expand its Ether holdings amid the market downturn. Last week, 45,759 Ether were purchased for roughly $260 million, at a mean price of $1,992 per ETH.
According to data from StrategicEthReserve, Bitmine is the biggest corporate Ether holder with 4.37 million Ether value around $8.69 billion on its books.
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