The cluster is entirely passive/index fund activity — likely reflecting index rebalancing and fund flows rather than a fundamental thesis. The share-count increases suggest passive buying pressure, but the dollar outflow from price depreciation dominated. No active manager conviction signal. Monitor for any active fund 13F filings or insider transactions for a clearer directional read.
Executive Summary
Four mega-passive institutional investors (Vanguard, BlackRock, State Street, Morgan Stanley) increased their BMNR positions in Q4 2025, while Fidelity trimmed. The aggregate net dollar change is negative (-$346.5M) due to a sharp stock price decline during the quarter, masking the share-count increases. The cluster is dominated by passive/index funds, weakening the signal of a shared active thesis.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$346.5M
▲ Buyers (4)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Vanguard | ADD | +65.7% | $128.8M | -$19.9M |
| BlackRock | DOUBLED | +165.6% | $245.7M | $68.8M |
| State Street | ADD | +78.3% | $37.7M | -$2.8M |
| Morgan Stanley | ADD | +25.8% | $331.2M | -$172.4M |
▼ Sellers (1)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Fidelity | TRIM | -43.4% | $312.9M | -$220.3M |
Key Facts
- 4 buyers added shares (BlackRock doubled its position), 1 seller trimmed
- Aggregate net dollar change across all tracked institutions: -$346.5M
- All participants are mega-passive/index fund managers — no active hedge funds or activists
- Share counts increased across all buyers, but stock price decline drove dollar values lower
- Fidelity's trim was the largest single dollar move (-$220.3M), reducing its position by 43.4%
Financial Impact
4 institutions accumulated $743.3M in current holdings (net change -$126.2M on a cost basis) while 1 seller reduced holdings by $220.3M. Net institutional dollar outflow of approximately $346.5M, though share counts rose.
Risk Factors
- All participants are passive — no active manager conviction signal
- 13F data is 45+ days stale; positions may have been unwound
- Historical calibration shows this filing type has negative average alpha at T+20 (-1.14%)
- Prior BMNR reports show poor win rate (17% at T+20) — model has over-scored this ticker historically
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-BMNR-2025-Q4 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | 8-K | $25.76 $23.60 | ▼ −8.39% | ▼ −7.93% | — |
Aug 31, 2026 4w ago | 8-K | $25.32 $23.37 | ▼ −7.70% | ▼ −7.01% | — |
Aug 24, 2026 5w ago | 8-K | $24.14 $24.82 | ▲ +2.82% | ▲ +2.50% | — |
Aug 17, 2026 6w ago | 8-K | $18.73 $18.28 | ▼ −2.40% | ▼ −1.73% | — |
Aug 14, 2026 7w ago | 8-K | $18.08 $18.73 | ▲ +3.60% | ▲ +4.07% | — |
Aug 10, 2026 7w ago | 8-K | $18.10 $18.09 | ▼ −0.06% | ▲ +0.26% | — |
Aug 3, 2026 8w ago | 8-K | $17.42 $18.10 | ▲ +3.90% | ▲ +2.10% | — |
Jul 27, 2026 9w ago | 8-K | $17.92 $17.57 | ▼ −1.95% | ▼ −2.19% | — |
Jul 20, 2026 10w ago | 8-K | $16.63 $17.23 | ▲ +3.61% | ▲ +2.77% | — |
Jul 16, 2026 11w ago | 8-K | $15.44 $15.69 | ▲ +1.62% | ▲ +2.61% | — |
US Market Status
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