Cumberland, the crypto trading unit of DRW Holdings, withdrew 14,800 Ethereum worth about $31 million from Coinbase on Friday, doubling the digital asset’s accumulation amid market volatility, according to data tracked by Lookonchain.
The Cumberland-branded wallet currently holds around 457,000 ETH worth over $940 million.
The latest shipment follows Thursday’s Cumberland move. The data shows that wallets associated with the company received 46,620 ETH worth about $100 million from Coinbase, Binance and Copper.
Cumberland continued to collect $ETHwithdraws another 14,800 $ETH($30.8 million) from #Coinbase ~30 minutes ago.https://t.co/2CNtRUpICkhttps://t.co/bUruFIhPoB pic.twitter.com/vsQ3lPHnVk
— Lookonchain (@lookonchain) March 6, 2026
Ethereum’s position as the second largest crypto asset by market capitalization makes it a natural focus for institutional distribution strategies.
The decentralized application network ecosystem, its productivity potential, and its role as collateral in lending protocols provide multiple use cases that can appeal to institutional portfolios looking for digital assets beyond Bitcoin.
At press time, Ethereum was trading around $2,000, down 3% in the last 24 hours per CoinGecko.
DRW Holdings, Cumberland’s parent company, operates as one of the largest private equity firms in the world, spanning traditional financial markets operations and digital assets.
The company established its crypto division in 2014, making it one of the first institutional participants in the digital asset trading space. Cumberland has since become a major liquidity provider serving institutional clients, exchanges and crypto-modern companies.
