BitMine (BMNR) stakes rise in Q4 as Morgan Stanley adds

Morgan Stanley BMNR Q4 2025 increase: ~26% to ~12.1M shares

morgan stanley increased its BMNR holdings by around 26% in Q4 2025 to approximately 12.1 million shares, valued at about $331 million at quarter-end, as reported by Cointelegraph. The same report indicated the 11 largest shareholders expanded positions even as BMNR fell about 48% during the quarter, underscoring continued institutional participation amid volatility.

Filings capture quarter-end positions and may not reflect subsequent trading, so the current exposure could differ. Still, the combination of a larger share count and a difficult quarter for prices provides a clean read on institutional behavior during stress.

Why it matters: Ethereum treasury and staking, plus mNAV threshold

BitMine positions itself as an Ethereum treasury vehicle, adding and staking ETH to pair asset value with potential yield. According to TipRanks, BitMine holds about 4.37 million ETH, which provides a tangible treasury base supporting the equity.

market net asset value (mNAV) compares BitMine’s market capitalization to the market value of its crypto treasury. Maintaining mNAV at or above 1 matters because it can support continued capital access on workable terms and preserve investor confidence.

Institutional flows appear to reflect opportunistic accumulation during weakness and a focus on long-term ETH exposure. AInvest described the fourth-quarter accumulation as “buying into weakness,” while also flagging sensitivity to ETH prices.

BMNR’s valuation remains closely linked to Ethereum’s trajectory. If ETH weakness persists, the equity could face further pressure given mark-to-market dynamics and BitMine’s explicit ETH exposure.

Staking income may partially offset drawdowns by adding non-dilutive yield, yet it does not eliminate price risk. Prolonged declines can translate into unrealized losses that weigh on mNAV and sentiment.

Financing mechanics are another driver. While mNAV ≥ 1 can facilitate equity issuance and scaling, any dip below 1 could constrain capital raising, intensify dilution risk, or alter offering terms.

Regulatory scrutiny around crypto exposure and disclosures remains a key backdrop for both BitMine and its institutional holders. Reporting lags also mean positions may have shifted since quarter-end, which can complicate near-term read-throughs.

Institutional moves beyond Morgan Stanley: who bought and why

Beyond Morgan Stanley, several top holders increased BitMine exposure in Q4 2025 despite falling prices. The behavior is consistent with a thesis centered on an ETH treasury with staking-supported cash generation and mNAV discipline.

Top holders’ changes: ARK, BlackRock, Goldman, Vanguard, Bank of America

As reported by MSN, ARK, BlackRock, goldman sachs, Vanguard, and bank of America expanded BMNR positions during the fourth quarter’s sell-off, indicating broad-based institutional participation.

Reconciling headlines: 13F timing and reporting lag explanations

Apparent contradictions across headlines often reflect timing. Form 13F reports disclose quarter-end holdings and are filed weeks later; interim trading, custodial movements, or differing cutoffs can create divergences.

FAQ about Morgan Stanley BMNR Q4 2025

Why are major institutions buying BitMine despite a sharp drop in the share price?

They appear to be averaging into weakness, focusing on BitMine’s ETH treasury, staking income potential, and maintaining mNAV ≥ 1 to preserve capital flexibility.

What is BitMine’s market net asset value (mNAV) and why is keeping mNAV above 1 important?

mNAV compares market cap to treasury value. An mNAV above 1 supports viable financing, helping management raise capital without signaling immediate asset-value shortfalls.