Bitmine’s biggest investors kept adding to their holdings, suggesting that big Wall Street firms are still interested in the biggest Ether treasury company.
Even though the crypto market as a whole was crashing and the stock price wasn’t doing well, the biggest shareholders of Bitmine Immersion Technologies (BMNR) shares put more money into the leading Ethereum treasury firm in the fourth quarter of 2025.
Morgan Stanley, the largest reported holding, boosted its stake by almost 26% to more than 12.1 million shares, which were worth $331 million at the end of the quarter, according to its Form 13F filing with the US Securities and Exchange Commission. According to its report, ARK Investment Management, the second-largest holder, raised its investment by approximately 27% to more than 9.4 million shares worth $256 million.
Several other major institutional investors also boosted their holdings. BlackRock’s BMNR holdings grew by 166%, Goldman Sachs’ by 588%, Vanguard’s by 66%, and Bank of America’s by 1,668%.
Wall street increases exposure as shares slide 48%
According to official papers put together by crypto investor Collin, each of the top 11 largest owners grew their stake in BMNR during the fourth quarter of 2025. These shareholders include Charles Schwab, Van Eck, the Royal Bank of Canada, Citigroup, and the Bank of New York Mellon Corporation.
Even though Bitmine’s stock price fell sharply, the accumulating continued. According to Google Finance, BMNR dropped roughly 48% in the fourth quarter of 2025 and about 60% in the last six months. It was trading near $19.90 in premarket action on Thursday.
More money is coming in to help Bitmine run its business and keep buying Ether (ETH $1,950) thanks to ongoing institutional investments.
Market net asset value, or mNAV, is a ratio that compares a company’s enterprise value to the value of its crypto assets. It serves as a useful tool for monitoring the flexibility of the company’s financing.
If a mNAV is less than 1, it may be harder for corporations to get money by selling new shares, which could mean fewer bitcoin purchases. Bitmine’s monitoring services kept track of the company’s mNAV, which stayed above 1 thanks in part to continuing institutional ownership.
Bitmine is still buying more Ether even when the market is going down. It bought 45,759 Ether for nearly $260 million last week, which is an average cost of $1,992 per ETH.
According to data from the StrategicEthReserve, Bitmine is the company that owns the most Ether, with 4.37 million Ether worth around $8.69 billion.