Morgan Stanley Leads Boost in Bitmine Holdings Despite Market Drop

TLDR

• Morgan Stanley increased its stake in Bitmine Immersion Technologies by 26%, reaching over 12.1 million shares valued at $331 million.
• ARK Investment Management boosted its position by 27%, while BlackRock, Goldman Sachs, and Vanguard also raised their holdings.
• Despite a 48% drop in Bitmine’s stock during Q4 2025, institutional investors continued to increase their exposure to the company.
• Bitmine purchased 45,759 Ether for approximately $260 million in the final weeks of 2025, bringing its total Ether holdings to 4.37 million.
• Bitmine’s mNAV remained above 1, indicating its ability to raise capital despite the market downturn.

Despite a sharp drop in Bitmine Immersion Technologies (BMNR) stock, institutional investors have continued to increase their stakes in the Ethereum-focused company. Morgan Stanley, along with several other top holders, raised their positions during the fourth quarter of 2025. This move occurred amid a wider crypto market crash, which had significantly affected BMNR’s stock performance.

Morgan Stanley Boosts Stake in Bitmine Immersion Technologies

Morgan Stanley, the leading institutional shareholder of Bitmine, increased its stake by 26%, bringing its holdings to over 12.1 million shares. As of the end of Q4 2025, the value of Morgan Stanley’s holdings stood at $331 million, according to its Form 13F filing with the US Securities and Exchange Commission. This increase in investment underscores the firm’s continued confidence in Bitmine’s future despite the downturn in the cryptocurrency market.

ARK Investment Management, the second-largest holder, also expanded its position in BMNR by 27%, reaching a total of 9.4 million shares valued at $256 million. Other prominent investors followed suit, with BlackRock raising its exposure by 166%, Goldman Sachs increasing its stake by 588%, and Vanguard expanding its holdings by 66%. These moves reflect an overall increase in confidence among institutional investors in Bitmine, even as its stock price faced pressure.

Bitmine’s Stock Drops, but Institutional Support Grows

The accumulation of shares came even as Bitmine’s stock experienced a steep decline. BMNR fell by nearly 48% in Q4 2025 and lost about 60% of its value over the previous six months. Despite this, its largest institutional investors continued to buy shares, bolstering the company’s financial position during a volatile period. In fact, Bitmine’s mNAV, which tracks the value of its assets relative to its market value, stayed above 1, a level that allows for more capital-raising flexibility.

The company’s Ether holdings continue to grow amid these challenging conditions. Bitmine purchased 45,759 Ether for approximately $260 million, at an average price of $1,992 per ETH, during the week before year-end. This brings its total Ether holdings to 4.37 million ETH, valued at roughly $8.69 billion, making it the largest corporate holder of Ethereum.

Bitmine’s ability to maintain institutional backing has helped it navigate the storm. While the broader cryptocurrency market faces uncertainty, Bitmine’s strategic investments in Ethereum may strengthen its position moving forward.

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