Wall Street is buying Bitmine shares en masse, despite the Ethereum price crash

Major institutional investors further increased their positions in Bitmine Immersion Technologies in the fourth quarter of 2025, despite a broad decline in the crypto market and a sharp decline in the stock itself. This indicates continued confidence from Wall Street in Ethereum and the largest corporate investor in the network.

Price falls do not stop institutional demand

Morgan Stanley remained the largest shareholder and increased its stake by approximately 26 percent to more than 12.1 million shares. ARK Investment Management also expanded its position, with an increase of approximately 27 percent to more than 9.4 million shares. Other financial heavyweights followed the same pattern: BlackRock, Goldman Sachs, Vanguard and Bank of America also sharply increased their exposure.

It is striking that this accumulation took place while Bitmine shares were under sharp pressure. In the fourth quarter, the share lost approximately 48 percent of its value due to the decreased Ethereum price and even around 60 percent over six months. Yet all 11 largest shareholders chose to expand their positions.

This behavior shows that institutional investors mainly look at the long term and that they make decisions based on fundamental beliefs, and therefore not on the basis of short-term price action. Bitmine is considered the largest corporate holder of Ethereum, thus serving as an indirect way for investors to gain exposure to the crypto market.

Capital support keeps financing afloat

The continued influx of institutional capital is crucial to Bitmine’s financing capabilities. Investors mainly follow the so-called market net asset value, or mNAV, a ratio between the enterprise value and the value of the Ethereum held.

As long as this ratio remains above one, the company can raise new capital relatively easily through share issues. This enables further purchases of Ethereum and supports the company’s strategic position within the sector.

Bitmine, meanwhile, continues to expand aggressively. In the past week alone, the company purchased over 45,000 Ether at an average price of just under $2,000 per coin. In total, it now owns more than 4.3 million Ethereum, with an estimated value of almost $8.7 billion.