Morgan Stanley, Top Holders Boost Bitmine Exposure Amid Sell-Off

Bitmine Immersion Technologies (BMNR) (EXCHANGE: BMNR) remains a central node in corporate crypto treasury strategies as its Q4 2025 13F filings show a broad-based uptick in holdings among the top shareholders, even as the crypto market endured a broader crash and the stock underperformed. Morgan Stanley, the largest reported holder, lifted its stake by about 26% to more than 12.1 million shares, valued at roughly $331 million at quarter-end, according to its Form 13F filing with the U.S. Securities and Exchange Commission. ARK Investment Management followed with a roughly 27% increase to over 9.4 million shares, worth around $256 million. The moves underscore a divergent dynamic in which major asset managers deploy capital into a prominent Ethereum treasury specialist even as price action remains challenging for the sector. Ether (ETH) (CRYPTO: ETH) and other treasury-driven strategies are at the forefront of this activity, illustrating how institutional players view long-term relevance amid volatility.

The momentum isn’t isolated to these two institutions. A wider cohort of blue-chip managers also expanded exposure in BMNR during the quarter. BlackRock’s stake surged by 166%, Goldman Sachs’s position jumped 588%, Vanguard increased by 66%, and Bank of America’s exposure soared by a staggering 1,668%, according to the same filings. Collectively, these moves reinforce a narrative of growing institutional curiosity toward corporate treasuries that accumulate and manage Ether holdings as a strategic reserve. The trend aligns with discussions across the market about ESG- and yield-forward treasury management, even as macro liquidity and risk sentiment oscillate.

Further reinforcing the trend, the top 11 shareholders reportedly raised exposure during Q4 2025, including names such as Charles Schwab, Van Eck, the Royal Bank of Canada, Citigroup and Bank of New York Mellon Corporation, based on official filings compiled by observers tracking 13F data. The breadth of buying activity within BMNR’s cap table points to a broad confidence among large institutions that the company’s Ether positions can endure and potentially appreciate over longer horizons, even when near-term prices have pulled back. The aggregate effect is a market where large investors appear to view BMNR as a vehicle for exposure to Ethereum treasury strategies rather than as a proxy for traditional equity beta.

BMNR’s stock, however, has not mirrored this institutional enthusiasm. The shares declined by roughly 48% in the fourth quarter of 2025 and have fallen about 60% over the preceding six months. In premarket trading, BMNR hovered near $19.90, underscoring a disconnect between the capital being deployed by incumbents and the day-to-day price action in the stock market. This divergence has prompted ongoing discussion about the company’s financing flexibility, particularly as it relates to its market net asset value, or mNAV, a metric that contrasts enterprise value with the market value of its crypto holdings. Data tracked by Bitmine monitoring services indicate that the mNAV remained above 1, a sign that the firm retains capacity to raise capital by issuing new shares if needed, supported in part by sustained institutional ownership.

Beyond the equity narrative, BMNR’s treasury strategy remains deeply anchored in Ether purchases and accumulation. In the past week, the company added 45,759 Ether for approximately $260 million, at an average cost basis of around $1,992 per ETH. This ongoing accumulation reinforces BMNR’s status as a leading corporate holder of Ether, a position publicly noted by analysts and tracked by data providers. In aggregate, the company now holds about 4.37 million Ether on its books, worth roughly $8.69 billion at current valuations, according to the StrategicEthReserve dataset. This concentration of Ether on a corporate balance sheet is characteristic of a broader trend where treasuries seek to diversify risk and inflationary pressures by maintaining sizable crypto stacks as strategic assets rather than pure speculative bets.

These developments come as the market navigates a period of heightened volatility and structural shifts in crypto liquidity and custody. While the broader sector has faced drawdowns, the continued accumulation by blue-chip institutions suggests a longer-run thesis in which Ether plays a central role in diversified treasury strategies. Bitmine’s ability to maintain an mNAV above 1—supported by strong institutional ownership—illustrates how the market is increasingly valuing the capacity to deploy capital into Ether holdings without immediate dilution or financing constraints. The data underpinning these conclusions rely on multiple sources, including 13F filings and independent trackers, which collectively provide a window into the evolving dynamics between public market perception and private treasury strategies.

For readers tracking the governance and strategic implications of Bitmine’s approach, the company’s Ether-heavy balance sheet remains a focal point. The combination of rising institutional ownership and persistent buybacks or capital raises could shape how the market evaluates Ether exposure within corporate treasuries over the coming quarters. As the market continues to digest these developments, observers will be watching how BMNR balances liquidity, financing flexibility, and the ability to sustain or adjust its Ether purchases in response to price movements, regulatory signals, and evolving investor expectations.

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Why it matters

The quarterly inflows from top-tier institutions into BMNR underscore a broader trend: major asset managers are increasingly comfortable aligning with corporate treasury strategies that emphasize Ether as an ongoing hold, not merely a speculative asset. This dynamic supports a narrative where Ether moves beyond a retail-driven hype cycle and becomes a component of risk-managed corporate portfolios. The fact that the mNAV remains above 1 suggests management can pursue additional Ether purchases or liquidity-friendly financings without necessarily triggering dilution worries, a factor that reduces external funding frictions in a volatile market.

From a market structure perspective, the concentration of Ether within a handful of corporate treasuries can influence price discovery and liquidity in the broader Ethereum ecosystem. While stock prices for BMNR have faced a substantial pullback, the ongoing accumulation by entrenched institutions indicates a differentiated view of the asset’s long-term value proposition. For investors and builders in the crypto space, the trend highlights the continued institutionalization of Ether as a treasury asset category, with governance, custody, and risk management practices likely to mature further as more firms participate.

On regulatory and policy grounds, the uptick in 13F disclosures around BMNR is part of a larger disclosure regime that provides visibility into how institutions structure their crypto exposures. This transparency helps investors assess risk, liquidity, and capital allocation strategies in a sector that remains under tight scrutiny in several jurisdictions. While the market environment remains unsettled, the clear signal from these filings is that large financial institutions see strategic merit in backing corporate treasuries that actively manage Ether holdings, even when the broader market is pressured.

What to watch next

• BMNR’s Q1 2026 13F filings to reveal whether institutions maintain or adjust their positions as Ether prices fluctuate.
• Any additional Ether purchases by BMNR and the impact on mNAV and financing options.
• Regulatory developments affecting crypto treasury strategies or corporate disclosures for digital asset holdings.
• Price action in Ether and broader Ethereum-related products that could influence treasury strategies across the sector.

Sources & verification

• Morgan Stanley 13F Q4 2025 filing confirming stake of over 12.1 million BMNR shares (EXCHANGE: BMNR) and a value near $331 million — 13f.info.
• ARK Investment Management 13F Q4 2025 filing showing a stake of about 9.4 million BMNR shares worth roughly $256 million — 13f.info.
• Bank of America 13F filing for Q4 2025, confirming exposure to BMNR — SEC filing: xslForm13F_X02/Q4202513fhr.xml.
• Bitmine tracker data indicating the mNAV remains above 1 and tracking institutional ownership — https://www.bitminetracker.io/.
• StrategicEthReserve data showing BMNR holds 4.37 million Ether (ETH) valued at approximately $8.69 billion — https://www.strategicethreserve.xyz/#.

Rewritten Article Body

Institutional bets sustain Bitmine’s Ether treasury even as price retreats

Bitmine Immersion Technologies (BMNR) (EXCHANGE: BMNR) has drawn renewed attention from the wallet of large-cap fund managers, as its Q4 2025 13F filings reveal a broad-based expansion in ownership among the top shareholders despite a crypto-market downturn and a steep slide in the stock price. Morgan Stanley, the most prominent disclosed holder, raised its stake by roughly 26% to more than 12.1 million shares, a position valued at about $331 million at quarter-end. ARK Investment Management followed with an approximately 27% increase to just over 9.4 million shares, equating to around $256 million in value. These moves, captured in the quarterly forms now on public record, signal a continued institutional tilt toward Bitmine’s Ethereum treasury positioning even as general market sentiment remains cautious. (EXCHANGE: BMNR) (CRYPTO: ETH)

Beyond these two heavyweights, a broader suite of institutions intensified their exposure to BMNR in the quarter. BlackRock’s stake surged by 166%, Goldman Sachs’s by 588%, Vanguard by 66%, and Bank of America by an astonishing 1,668%. The cluster of purchases underscores a deeper institutional conviction that Ether-based treasury strategies can function as a long-horizon component of a diversified balance sheet, particularly for entities seeking to anchor liquidity in a volatile market. The filings also show that the top 11 shareholders, including Charles Schwab, Van Eek, Royal Bank of Canada, Citigroup and Bank of New York Mellon, expanded their positions, suggesting a broad consensus among asset managers about BMNR’s strategic approach to Ether exposure and treasury management.

However, the market performance narrative remains separate from these portfolio moves. BMNR’s stock price declined about 48% in Q4 2025 and roughly 60% over the prior six months, trading near $19.90 in premarket action. The price action contrasts with the resilience implied by the mNAV, a metric that compares enterprise value to crypto holdings and can indicate financing flexibility. Bitmine-tracking services indicate the mNAV stayed above 1, a threshold that can ease the process of raising new capital through equity issuance, thereby supporting continued treasury activity without immediate dilution fears. The juxtaposition of robust institutional inflows with a declining stock price highlights a common theme in crypto corporate finance: markets can discount near-term price volatility while institutions bet on longer-term structural value in the underlying treasury strategy.

Concurrently, Bitmine intensified its Ether accumulation. In the past week alone, the company added 45,759 Ether for roughly $260 million, at an average cost basis of around $1,992 per ETH. This cadence of purchases cements Ether as a cornerstone of Bitmine’s treasury stack, aligning with its broader position as the world’s largest corporate holder of Ether—4.37 million ETH, valued at approximately $8.69 billion, according to StrategicEthReserve data. That scale places Bitmine at the vanguard of corporate custody, illustrating how large holders approach risk and revenue potential in a market that continues to rehearse inflationary and macroeconomic concerns.

The trajectory of these holdings, alongside the mosaic of 13F disclosures, points to a market where public equity dynamics and crypto treasury strategies can diverge meaningfully. Institutional confidence in BMNR’s approach appears to rest not on day-to-day price swings but on the ability to sustain a disciplined, growth-focused Ether program that could weather downside scenarios while remaining positioned for upside in a longer horizon. Observers will monitor whether this institutional appetite translates into greater liquidity, more favorable financing terms, or additional capacity to accumulate Ether in the quarters ahead, particularly as macro conditions evolve and Ethereum-specific catalysts emerge.