Institutions Accumulate ETH via BMNR as Company Buys 45,759 ETH, Keeping mNAV > 1
Major institutional shareholders of Bitmine Immersion Technologies (BMNR) increased positions during Q4 2025 despite a 48% share-price crash, funding BMNR’s recent Ether (ETH) purchases and maintaining the firm’s market net asset value (mNAV) above 1. Morgan Stanley raised its stake 26% to 12.1 million shares (~$331M); ARK added 27% to 9.4 million (~$256M). Other institutional increases included BlackRock (+166%), Goldman Sachs (+588%), Vanguard (+66%) and Bank of America (+1,668%). BMNR bought 45,759 ETH (~$260M) in the latest week and now holds 4.37 million ETH (approx. $8.69B), making it one of the largest institutional ETH holders. BMNR’s share price plunged roughly 60% over six months to about $19.90. ETH technicals show a downtrend and oversold RSI; key supports near $1,925 and $1,747 and resistances near $1,956 and $2,063. BlackRock’s recent 166% BMNR stake increase coincides with its filing for a staked-ETH ETF (proposed 18% staking fee capture), suggesting institutional strategies to maximize staking yield. Analysts view continued BMNR ETH accumulation and mNAV>1 as supportive of further purchases and potential upside for ETH if support levels hold; R1 $1,956 is cited as immediate resistance. This is informational and not investment advice.
Bullish
Institutional accumulation through BMNR and the company’s large ETH purchases (45,759 ETH this week; 4.37M ETH total) are net-positive for ETH demand. mNAV>1 allows BMNR to keep buying ETH, which creates steady institutional bid pressure. Major names (Morgan Stanley, BlackRock, ARK, Goldman) increasing stakes signals confidence and potential capital allocative flow into ETH, particularly with BlackRock’s staked-ETH ETF filing implying further institutional staking demand. Technicals are bearish/oversold short term, so price could remain volatile and see continued downside testing of supports (~$1,925 and $1,747). However, if those supports hold, the combination of large institutional accumulation and potential staking product demand makes a bullish medium-term case. Similar historical events: large institutional buys by Grayscale and spot-ETF-related flows supported BTC rallies; concentrated institutional accumulation can tighten supply and precede rallies once sentiment stabilizes. Traders should watch ETH spot/futures flow, BMNR’s continued BTC/ETH buys, mNAV trends, and BlackRock ETF progress. Risk: liquidation cascades, broader macro selloffs, or failure of support levels would negate the bullish setup.