It’s no longer news that Wall Street is embracing cryptocurrencies. Several major financial institutions have started offering crypto investment products.
Among them is Bank of America, or BofA (NYSE: BAC), which is also advising its wealth management clients to consider a 1%-4% allocation of their portfolio to digital assets.
Recently, the bank also increased its stake in a sinking crypto stock.
Related: Peter Thiel sells off full stake in crypto company
BofA’s 13F filing with the Securities and Exchange Commission (SEC) shows that it owns 3,162,085 shares of Bitmine Immersion Technologies (NYSE: BMNR), worth $85.8 million, in the fourth quarter of 2025.
The new purchase is a 1,668% hike in its stake in the Ethereum treasury company. The bank earlier owned 178,808 BMNR shares.
Bitmine Immersion is a crypto company that turned from Bitcoin (BTC) mining operations to building an Ethereum (ETH) treasury company last year, coinciding with the appointment of Wall Street’s legendary figure, Fundstrat’s Tom Lee, as the chairman.
Bitmine is pursuing the crypto treasury model pioneered by Michael Saylor’s Strategy (Nasdaq: MSTR) that built the world’s largest corporate BTC treasury.
Strategy aims to acquire 5% of the total BTC supply and Bitmine 5% of the total ETH supply.
Launched in 2015, Ethereum has become a popular blockchain choice for developers building decentralized applications (dApps). With a market cap of $239 billion, ETH is the world’s second-largest cryptocurrency after BTC.
As of Feb. 16, Bitmine Immersion holds 4,371,497 ETH, which is 3.62% of the ETH supply. It is the world’s largest corporate ETH treasury.
The company said it aims to accumulate 5% of the total ETH supply within seven months.
However, the market is going through a crypto winter in which ETH has lost 35% of its value over the last three months. The BMNR stock has also lost 37% of its value over the same period.
Bank of America isn’t the only bank to increase its stake in Bitmine Immersion Technologies.