Despite a broader downturn in the crypto market and weak share performance, the largest investors in Bitmine Immersion Technologies (BMNR) expanded their positions in the fourth quarter of 2025.
Morgan Stanley, the company’s largest disclosed shareholder, boosted its holdings by roughly 26%, bringing its total stake to more than 12.1 million shares valued at approximately $331 million at the end of the quarter, according to its Form 13F filing with the US Securities and Exchange Commission.
ARK Investment Management, the second-largest holder, also increased its exposure, raising its position by about 27% to over 9.4 million shares worth $256 million, regulatory filings show.
Several other major institutional investors also expanded their positions in BMNR. BlackRock lifted its holdings by 166%, Goldman Sachs increased its stake by 588%, Vanguard added 66%, and Bank of America boosted its exposure by 1,668%.
Wall Street increases BMNR positions despite 48% decline
All 11 of the company’s largest shareholders raised their stakes in BMNR during the fourth quarter of 2025, even as the stock slid 48% over the same period. Firms adding to their positions included Charles Schwab, VanEck, Royal Bank of Canada, Citigroup and Bank of New York Mellon Corporation, according to official filings compiled by crypto investor Collin.
The buying spree came even as Bitmine’s stock price declined sharply. BMNR dropped roughly 48% during the fourth quarter of 2025 and is down about 60% over the past six months. The shares were trading near $19.90 in premarket activity on Thursday, according to Google Finance.
Institutional inflows help sustain Bitmine’s mNAV
Ongoing institutional buying is injecting additional capital into Bitmine, supporting both its operations and its continued accumulation of Ether (ETH).
Investors are closely monitoring the company’s market net asset value (mNAV), a metric that compares its enterprise value to the value of its cryptocurrency holdings. An mNAV below 1 can make equity financing more challenging, as issuing new shares becomes less attractive and may constrain further crypto purchases.
According to data tracked by Bitmine monitoring services, the company’s mNAV has remained above 1, partly supported by sustained institutional ownership.
Meanwhile, Bitmine has continued to expand its Ether reserves despite the broader market downturn. Over the past week, the company acquired 45,759 ETH for approximately $260 million, at an average purchase price of $1,992 per token.
Bitmine now holds 4.37 million Ether valued at roughly $8.69 billion, making it the largest corporate holder of ETH, according to data from StrategicEthReserve.
