"BlackRock, Morgan Stanley also added on dips"…Wall Street increased its stake in Bitmine amid the downturn

Major shareholders of Bitmine, including global investment bank (IB) Morgan Stanley and the world’s largest asset manager BlackRock, significantly increased their stakes in the fourth quarter of last year.

According to the industry on the 19th (local time), Morgan Stanley recently filed a 13F with the U.S. Securities and Exchange Commission (SEC). The filing shows Morgan Stanley held about 12.10 million shares of Bitmine as of the end of last year, worth a total of $331 million—up about 26% from the prior quarter, Q3.

ARK Invest, led by Cathie Wood—known as the “wooden money” investor—also sharply increased its Bitmine stake. ARK Invest held 9.40 million Bitmine shares as of the end of last year, up nearly 27% from the previous quarter. ARK Invest’s Bitmine stake is currently worth $256 million.

Other major shareholders showed a similar pattern. In the fourth quarter of last year, BlackRock and Goldman Sachs increased their Bitmine shareholdings by 166% and 588%, respectively, from the prior quarter. Over the same period, Vanguard also increased its Bitmine stake by 66%. Bank of America (BofA)’s Bitmine stake jumped nearly 1,670% in Q4 alone versus the previous quarter.

Notably, this buying took place as Bitmine’s share price was falling. Cointelegraph reported that “Bitmine shares fell about 48% in the fourth quarter of last year and plunged nearly 60% over the past six months,” adding that “(nevertheless) supported by continued institutional buying, Bitmine’s mNAV (market-cap-to-net-asset-value ratio) has remained above 1.”