Morgan Stanley and other major institutional investors have increased their stakes in Bitmine Immersion Technologies (BMNR) despite a significant downturn in the crypto market. In the fourth quarter of 2025, Morgan Stanley raised its position by 26% to over 12.1 million shares, valued at approximately $331 million. ARK Investment Management also increased its stake by 27% to more than 9.4 million shares, worth around $256 million. Other top holders, including BlackRock, Goldman Sachs, and Bank of America, significantly boosted their BMNR holdings, with increases of 166%, 588%, and 1,668% respectively. This accumulation occurred despite a 48% drop in Bitmine's share price during the same period. The continued institutional investment supports Bitmine's operations and Ether purchases, maintaining its market net asset value above critical levels.