BlackRock increased its stake in Bitmine Immersion Technologies by 165.6% in Q4 2025, now holding 9.05 million BMNR shares valued at \$246 million, betting on Bitmine’s rapidly growing Ethereum treasury, which holds 4.3 million ETH—3.5% of total supply—plus nearly \$10 billion in combined assets.
Yet the institutional endorsement arrives as Ethereum itself trades at \$1,958, just 5% above critical support, with whales offloading 160,000 ETH in nine days. The contradiction captures crypto