Ether treasury firm Bitmine moves $19.5 million in ETH to Coinbase Prime

The largest public ether holder sent two transfers totaling $19.5 million to Coinbase Prime hot wallets on Tuesday, though the moves don't necessarily signal selling.

Make us preferred on Google

What to know:

• Bitmine Immersion Technologies transferred about 9,600 ether to Coinbase Prime hot wallets in two large transactions on Tuesday, Arkham data shows.
• The moves follow Bitmine's largest weekly ether purchase of 2026, bringing its holdings above 4.5 million tokens as Chairman Thomas Lee says crypto is in the late stages of a "mini-crypto winter."
• The transfers to Coinbase Prime may reflect institutional custody, rebalancing or other operations rather than outright selling, as Bitmine's portfolio decline from about $16 billion to $2.25 billion largely tracks ether's price drop.

Bitmine Immersion Technologies moved approximately 9,600 ether (ETH) to Coinbase Prime's hot wallets on Tuesday in two separate transfers, Arkham data shows.

The first transfer sent 5,300 ETH worth $10.75 million roughly nine hours ago, followed by a second batch of 4,308 ETH worth $8.74 million about three hours ago.

Both transfers went through an intermediate wallet before landing in a Coinbase Prime hot wallet, a routing pattern typical of institutional custody. As such, the moves don’t necessarily signal an intention to sell. Large on-chain transfers often spook investors, who may fear a looming liquidation.

The transfers come after Bitmine reported its largest weekly ether purchase of 2026, buying 60,976 ETH last week and bringing its total holdings above 4.5 million tokens. Chairman Thomas Lee said the firm was ramping up buying as it believes crypto is in the "late stages of a mini-crypto winter."

Moving coins to Coinbase Prime doesn't necessarily mean Bitmine is selling. Prime is Coinbase's institutional custody and trading platform, and transfers there could reflect internal rebalancing, staking operations, collateral management, or preparation for OTC activity.

The balance history on Arkham shows Bitmine's portfolio peaked near $16 billion around October 2024 and has declined to roughly $2.25 billion, reflecting ether's price collapse rather than large-scale selling. The company is sitting on estimated losses of $7.8 billion on its position.

Ether was trading at $2,042, up 2.8% on the day.

More For You

CoinDesk Research looks into how Pudgy Penguins disrupts traditional toys market via a phygital model. With 2M+ units sold, they scale via global partnerships and events.

What to know:

• Disrupting a Stagnant Market: Pudgy Penguins is utilizing a "Negative CAC" model to challenge the traditional $31.7B licensed toy industry by treating physical merchandise as a profitable user acquisition tool rather than just a final product.

More For You

Hyperliquid’s permissionless market hits record $1.2 billion in open positions as oil and equity futures boom

Trading has been driven largely by tokenized futures on equities and commodities such as oil, gold and silver.

What to know:

• Open interest on Hyperliquid’s permissionless HIP-3 perpetual futures market hit a record $1.2 billion.
• Trading has been driven largely by tokenized futures on equities and commodities such as oil, gold and silver, with only a minority of top markets tied to crypto pairs.
• The XYZ100-USDC tokenized equity contract and CL-USDC oil contract now lead in open interest and volume, reflecting heightened use of decentralized platforms for price discovery, especially during volatile oil markets and weekend trading.

Hyperliquid’s permissionless market hits record $1.2 billion in open positions as oil and equity futures boom

7 minutes ago

Pudgy Penguins launches its 'Club Penguin' moment, and the game doesn't feel like crypto at all

1 hour ago

Here's how traders and big buyers stepped in to keep bitcoin steady during the oil shock

1 hour ago

AI tokens rally after Nvidia open-source agent plan, beat CoinDesk 20

2 hours ago

Bhutan sells $42.5 Million of bitcoin in 2026 as national stack drops 58% from peak

2 hours ago

Ether, solana, XRP jump higher as Trump signals Iran war nearing end

3 hours ago

Bitcoin jumps past $70,000 as war volatility fades

4 hours ago

Crypto and stocks add to gains as Trump says Iran war could be over soon

12 hours ago