Last updated on March 6th, 2026 at 11:51 pm
Morgan Stanley and a cohort of premier institutional investors have significantly increased their stakes in Bitmine Immersion Technologies (BMNR) despite a punishing 48% decline in the company’s share price during the fourth quarter of 2025.
In a bold display of buying the dip, Morgan Stanley raised its position by 26% to over 12.1 million shares, valued at approximately $331 million, according to recent institutional filings. This accumulation comes as Bitmine continues its aggressive Alchemy of 5% strategy, aiming to acquire 5% of the total Ethereum ($ETH) supply to cement its position as a leading digital asset treasury.
Institutional conviction strengthens amid crypto winter
The stock crash has not deterred other major players, who appear to be leveraging the price suppression to build massive positions in the NYSE American-listed firm. ARK Investment Management, led by Cathie Wood, boosted its stake by 27% to 9.4 million shares, while Goldman Sachs and Bank of America increased their holdings by 588% and 1,668%, respectively. These moves suggest that Wall Street’s largest entities are prioritising Bitmine’s growing Net Asset Value (NAV) and its massive Ethereum reserves over short-term equity volatility.
Bitmine recently reported that its total holdings, including crypto, cash, and moonshot investments, reached $9.6 billion as of February 16, 2026. The company’s treasury now includes 4.37 million ETH, representing 3.62% of the total circulating supply, and 193 Bitcoin ($BTC). Despite ETH prices dropping from roughly $3,000 to $1,998 in recent months, Bitmine Executive Chairman Thomas “Tom” Lee noted that on-chain fundamentals remain at all-time highs, with daily transactions surging to 2.5 million.
Strategic expansion and the MAVAN launch
To offset market turbulence, Bitmine is transitioning from a passive holding company to an active infrastructure provider. The company is on track to launch the Made in America VAlidator Network (MAVAN) in the first quarter of 2026. This dedicated staking infrastructure is designed to maximise returns on Bitmine’s assets, with projected annual staking rewards estimated at $252 million based on current yields.
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