Top institutional holders increased their stakes in Bitmine Immersion Technologies during the fourth quarter of 2025 despite a sharp sell-off, signalling sustained Wall Street demand for the largest corporate Ethereum treasury vehicle.
Morgan Stanley raised its position by about 26% to more than 12.1 million shares worth $331 million, while ARK Investment Management increased its stake by roughly 27% to over 9.4 million shares valued at $256 million, according to regulatory filings.
Other major institutions including BlackRock, Goldman Sachs, Vanguard and Bank of America also expanded holdings, even as BMNR shares fell about 48% in Q4 and roughly 60% over six months to trade near $19.90.
The continued accumulation has helped keep Bitmine’s market net asset value, or mNAV, above 1, a key metric comparing enterprise value to the worth of its crypto holdings and one that affects the company’s ability to raise capital through share issuance.
Bitmine added 45,759 ETH for about $260 million during the past week at an average price of $1,992 per token, reinforcing its strategy of expanding reserves despite the downturn.
The company now holds approximately 4.37 million ETH valued at about $8.69 billion, making it the largest corporate holder of Ether, according to data from StrategicEthReserve.
At the time of reporting, Ethereum price was $1,952.07.