Bitmine Immersion Technologies has transferred roughly 9,600 ETH, valued at about $19.5 million, to wallets associated with Coinbase Prime, according to blockchain tracking data from Arkham Intelligence.
The movement occurred through two separate transactions. The first transfer involved 5,300 ETH worth approximately $10.75 million, followed later by another transfer of 4,308 ETH valued at about $8.74 million. Both transactions passed through an intermediate wallet before reaching Coinbase Prime hot wallets, a pattern commonly used for institutional custody operations.
Transfer May Not Indicate Immediate Selling
Large on-chain transfers often attract market attention because they can sometimes precede major sales. However, transfers to Coinbase Prime do not automatically signal liquidation. The platform serves as an institutional custody and trading service that also supports staking, collateral management, and portfolio rebalancing.
The transactions follow Bitmine’s largest weekly purchase of Ethereum in 2026, when the firm acquired more than 60,000 ETH, bringing its total holdings above 4.5 million tokens.
Ether Holdings Reflect Market Downturn
Bitmine’s portfolio previously peaked near $16 billion in 2024 but has since declined to roughly $2.25 billion, largely reflecting Ethereum’s price drop rather than major selling activity. The company’s chairman, Thomas Lee, has described the current market environment as the late phase of a “mini crypto winter,” suggesting continued accumulation during the downturn.
Ether was trading at $2,060, up 3% on the day.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.