In a bold move that defies the current crypto market downturn, top financial institutions including Morgan Stanley, ARK Investment Management, and BlackRock have significantly increased their stakes in Bitmine Immersion Technologies (BMNR) during the fourth quarter of 2025, despite a sharp decline in the company’s stock price.
Morgan Stanley, the largest reported holder of BMNR, raised its position by approximately 26% to over 12.1 million shares, valued at roughly $331 million at the end of the quarter. ARK Investment Management, the second-largest holder, increased its stake by about 27% to more than 9.4 million shares, worth approximately $256 million, according to its Form 13F filing with the US Securities and Exchange Commission.
Institutional Investors Increase BMNR Holdings
Several other top institutional holders also boosted their exposure to BMNR. BlackRock increased its BMNR holdings by 166%, Goldman Sachs by 588%, Vanguard by 66%, and Bank of America by an astounding 1,668%. Other notable investors, including Charles Schwab, Van Eck, Royal Bank of Canada, Citigroup, and the Bank of New York Mellon Corporation, also added to their positions.
Accumulating Despite Market Decline
These moves came despite a significant drop in Bitmine’s share price. BMNR fell about 48% in the fourth quarter of 2025 and approximately 60% over the past six months, trading near $19.90 in premarket action on Thursday, according to Google Finance.
Despite the market challenges, Bitmine continues to expand its Ether (ETH) holdings. The company recently purchased 45,759 Ether for around $260 million, at an average cost basis of $1,992 per ETH. As the largest corporate Ether holder, Bitmine now holds 4.37 million Ether, worth around $8.69 billion, according to data from the StrategicEthReserve.
Institutional Support Boosts Market Net Asset Value
The continued institutional investments are crucial in maintaining Bitmine’s market net asset value (mNAV), a key metric that compares a company’s enterprise value to the value of its crypto holdings. An mNAV below 1 can make it difficult for companies to raise capital by issuing new shares, potentially limiting additional cryptocurrency purchases. However, data tracked by Bitmine monitoring services indicates that the firm’s mNAV remains above 1, supported by the ongoing institutional ownership.
Forward-Looking Insights
The institutional support for Bitmine, despite the challenging market conditions, signals a strong belief in the long-term potential of Ethereum and the company’s strategic position in the crypto ecosystem. As the market continues to fluctuate, the resilience of these institutional investors could play a pivotal role in shaping the future of corporate crypto holdings and the broader digital asset landscape.
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