Despite a significant crypto market crash and a 48% stock slide in the fourth quarter of 2025, top shareholders aggressively increased their exposure to Bitmine Immersion Technologies (BMNR). Morgan Stanley, the largest holder, boosted its position by 26% to over 12.1 million shares, valued at approximately $331 million. ARK Investment Management followed suit, increasing its stake by 27% to more than 9.4 million shares, worth around $256 million.
Other prominent institutions also expanded their BMNR holdings, with BlackRock increasing its stake by 166%, Goldman Sachs by 588%, Vanguard by 66%, and Bank of America by a remarkable 1,668%. This widespread accumulation by the top 11 shareholders occurred even as BMNR's share price dropped approximately 48% in the quarter and 60% over the preceding six months.
These substantial institutional investments provide crucial capital to support Bitmine's operations and ongoing Ether purchases. The company's market net asset value (mNAV), a key indicator of financing flexibility, remained above 1, bolstered by consistent institutional ownership. Bitmine, the largest corporate Ether holder, recently acquired over 45,000 Ether for approximately $260 million.
