Bitmine Immersion Technologies moves approximately 9,600 ETH to Coinbase Prime wallets. According to blockchain analytics data from Arkham Intelligence, the treasury company has moved about $19.5 million worth of assets to wallets associated with Coinbase Prime. The transfer occurred in two separate transactions routed through an intermediate wallet, a pattern commonly used in institutional custody operations.
Two Large Ether Transfers Detected
The first transaction involved 5,300 ETH worth approximately $10.75 million and took place about eleven hours ago. A second transfer of 4,308 ETH, valued at around $8.74 million, followed approximately four hours ago. Both ultimately were sent to a Coinbase Prime hot wallet.
The wallet serves as the institutional custody and trading platform for Coinbase. Analysts note that transfers to the platform do not necessarily indicate an upcoming sale. Instead, such movements can reflect portfolio rebalancing, staking activity, and collateral management, or preparations for over-the-counter (OTC) trading.
The transfers come shortly after Bitmine disclosed its largest weekly ETH purchase of 2026. The company purchased 60, 976 ETH last week, pushing its total holdings above 4.5 million tokens. Chairman Thomas Lee said the firm is accelerating accumulation, arguing that the crypto market is entering the “late stages of a mini-crypto winter.”
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Despite the aggressive buying strategy, Bitmine’s portfolio value has declined sharply alongside the broader market. Arkham data shows the company’s holdings peaked near $16 billion in October 2024 but have since fallen to about $2.25 billion, largely due to the drop in ETH prices.
