Morgan Stanley, top bitumen shareholder BMNR Holdings increased in Q4.
The largest shareholders of Bitmine Immersion Technologies (BMNR) stock increased their investment in the leading Ethereum treasury in the fourth quarter of 2025 despite the broader crypto market decline and weak stock price performance.
Morgan Stanley, its top reporting holder, rose about 26 percent 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 shareholder, ARK Investment Management, increased its stake by nearly 27 percent to $256 million in shares worth more than $9.4 million.
Several other large institutional holders also increased exposure. BlackRock increased its holdings of BMNR by 166 percent, Goldman Sachs by 588 percent, Vanguard by 66 percent and Bank of America by 1,668 percent.
Wall Street has a 48% stock slide, but BMNR increases exposure
In Q4 2025, each of 11 major shareholders increased exposure to BMNR, including Charles Schwab, Van Eck, Royal Bank of Canada, Citigroup and Bank of New York Mellon Corporation.
The stock came in despite a sharp drop in Bitmin's stock price. BMNR is down about 48% in the fourth quarter of 2025 and about 60% over the past six months, trading at $19.90 in premarket action Thursday, Google Finance reported.
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Institutional investments keep Bitmine mNAV above water.
Continued institutional investments are bringing in more capital to support Bitmine's operations and continued Ether (ETH) purchases.
A company's financial volatility is closely tracked by market net value, or mNAV, a ratio that compares a company's enterprise value to the value of its crypto holdings.
An mNAV below 1 may cause companies to raise capital by issuing new shares, which may limit further cryptocurrency purchases. Data monitored by Bitmine's monitoring services indicated that the company's mNAV remains above 1, partly supported by institutional ownership.
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Bitmine continues to expand Ether holdings amid market downturn. In the past week, he bought 45,759 Ether worth $260 million, which was an average of $1,992 per ETH.
According to data from Strategic ET Reserve, Bitcoin is the largest corporate ether holder, with 4.37 million ether worth $8.69 billion on its books.
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