Bitmine’s top holders continued to increase exposure, showing steady institutional demand for the largest Ether treasury company from Wall Street heavyweights.
The largest shareholders of Bitmine Immersion Technologies (BMNR) stock increased their investments in the leading Ethereum treasury company in the fourth quarter of 2025 despite a wider crypto market crash and poor stock price performance.
Morgan Stanley, the top reported holder, raised its position by about 26% to more than 12.1 million shares, valued at roughly $331 million at quarter end, according to its Form 13F filing with the US Securities and Exchange Commission. ARK Investment Management, the second-largest holder, increased its stake by about 27% to more than 9.4 million shares worth roughly $256 million, its filing shows.
Several other top institutional holders also increased exposure. BlackRock increased its BMNR holdings by 166%, Goldman Sachs by 588%, Vanguard by 66%, and the Bank of America by a whopping 1,668%.
Each of the top 11 largest shareholders has increased exposure to BMNR during Q4 of 2025, including Charles Schwab, Van Eck, Royal Bank of Canada, Citigroup and the Bank of New York Mellon Corporation, according to official filings compiled by crypto investor Collin.
The accumulation came despite a sharp drop in BitMine’s share price. BMNR fell about 48% in the fourth quarter of 2025 and about 60% over the past six months, and traded near $19.90 in premarket action Thursday, according to Google Finance.
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The continued institutional investments are bringing more capital to support Bitmine’s operations and continued Ether (ETH) purchases.
The company’s financing flexibility is closely watched through its market net asset value, or mNAV, a ratio that compares a company’s enterprise value to the value of its crypto holdings.
An mNAV below 1 can make it harder for companies to raise capital by issuing new shares, potentially limiting additional cryptocurrency purchases. Data tracked by Bitmine monitoring services indicated the firm’s mNAV remained above 1, supported in part by continued institutional ownership.
Related: BitMine nears $7B in unrealized losses as Ether downturn pressures treasury firms
Bitmine continues to expand its Ether holdings amid the market downturn. It purchased 45,759 Ether for around $260 million during the past week, at an average cost basis of 1,992 per ETH.
BitMine is the largest corporate Ether holder, with 4.37 million Ether worth around $8.69 billion on its books, according to data from the StrategicEthReserve.
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