The world’s largest asset manager, Blackrock has quietly boosted its stake in Bitmine Immersion Technologies to 9.05 million BMNR shares. BlackRock betting $246M on Bitmine, based on its latest 13F filing submitted to the U.S. Securities and Exchange Commission (SEC).
What makes this even more striking? The increase was 165.6% quarter over quarter.
BlackRock’s BMNR Play, By the Numbers
BlackRock manages around $14 trillion in assets globally. So yes, $246 million is a rounding error at that scale. But the percentage jump matters more than the dollar figure here.
A 13F filing captures fund and client positions at the end of each quarter. This one reflects holdings as of December 31, 2025. The filing was flagged by Coin Bureau on X (formerly Twitter) on February 13, 2026.
With BlackRock betting $246M on Bitmine, institutional watchers are paying close attention. Big money moving into crypto-adjacent equities usually signals a longer-term thesis, not just a short-term trade.
What Exactly Does Bitmine Do?
Bitmine Immersion Technologies started as a mining company. But over the past year, it has made a sharp pivot. The company now runs one of the largest corporate Ethereum treasuries in the world.
As of early 2026, Bitmine holds over 4.32 million ETH. That is approximately 3.5% of Ethereum’s total circulating supply. Combined with cash reserves, total assets reportedly approach $10 billion.
The company does not just hold ETH. It stakes a large portion of it through a program called MAVAN. That staking operation currently generates around $202 million in annualized revenue. Their stated goal? Control 5% of the entire Ethereum supply.
This is basically a Bitcoin treasury playbook, but applied to Ethereum, with staking yield added on top. Companies like MicroStrategy made that Bitcoin model famous. Bitmine is attempting the same with ETH, but with an income stream attached.
Why Is This Move Significant?
With BlackRock betting $246M on Bitmine, the signal is hard to ignore. Institutional money is still flowing into crypto, even after the volatility that hit Ethereum prices in late 2025.
BMNR stock did take a beating during those price drops. Paper losses mounted. Yet Bitmine kept buying ETH through the dip. And now BlackRock has significantly increased its exposure to the stock.
That alignment suggests at least one thing: some institutions see the current period as an entry point, not an exit.
Many large funds are now preferring indirect crypto exposure through listed equities rather than holding tokens directly. Regulatory clarity, custody concerns, and fiduciary rules all factor into that preference.
Risks Still Exist
BlackRock betting $246M on Bitmine does not make this a risk-free play. Ethereum’s price remains volatile. If ETH falls hard again, Bitmine’s treasury takes a direct hit. The company’s revenue model depends heavily on staking yields, which can shift with network conditions.
BMNR shares also carry equity risk on top of crypto risk. That is a double layer of exposure for any investor following BlackRock’s lead.
Still, the move shows that even in uncertain markets, institutional appetite for crypto infrastructure continues to grow. BlackRock betting $246M on Bitmine might just be one early chapter in a much bigger story.
What is Bitmine Immersion Technologies?
Bitmine is a U.S.-listed company focused on building a large Ethereum treasury and generating yield through ETH staking.
Why did BlackRock increase its Bitmine stake?
The 13F filing shows a 165.6% QoQ increase in BMNR holdings, suggesting growing institutional interest in Ethereum treasury strategies.
Is BlackRock directly buying crypto through this investment?
No. 13F holdings typically reflect client and fund positions in listed equities, not direct cryptocurrency purchases by BlackRock itself.
What is MAVAN staking?
MAVAN is Bitmine’s Ethereum staking program, which currently generates approximately $202 million in annualized staking revenue.
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