Blockchain data shows that crypto treasury company BitMine Immersion Technologies has recently transferred around 9,600 ETH to wallets linked to the institutional platform Coinbase Prime.
Conclusion
- BitMine transferred 9,600 ETH to Coinbase Prime in two transactions for approximately $19-20 million.
- Despite this move, the company still controls more than 1 million ETH in tracking wallets and has about 3.04 million ETH stake.
- Bitmine has amassed more than 4.5 million ETH worth more than $9 billion, positioning itself as one of the largest corporate holders of Ethereum.
Bitmine transfers 9,600 ETH to Coinbase Prime
According to intelligence platform Arkham, transactions totaling approximately 9,600 Ethereum (ETH), worth approximately $19-20 million at current prices, were transferred from wallets controlled by Bitmine to Coinbase Prime addresses.
Such transfers are usually associated with institutional custody management, liquidity provision or OTC trading activities. The first shipment sent 5,300 ETH worth $10.75 million, followed by a second batch of 4,308 ETH worth $8.74 million.
Despite the move, Arkham’s data shows that Bitmine continues to control more than 1 million ETH in tracked wallets, while a large portion of its assets, around 3.04 million ETH, are held in shares.
Large transfers to Coinbase Prime are often related to institutional custody management, over-the-counter (OTC) trading, or liquidity provision, rather than immediate spot market sales.
The company has emerged as one of the most aggressive Ethereum corporate accumulators. Its strategy mirrors the Bitcoin corporate treasury model popularized by companies like MicroStrategy, but with a focus on Ethereum as the primary underlying asset.
Bitmine has expanded its ETH holdings in recent months as part of a large-scale acquisition. The company currently holds more than 4.5 million ETH tokens worth more than $9 billion, making it one of the largest institutional holders of the asset.
The company has repeatedly added tens of thousands of ETH during market pullbacks, including purchases of more than 50,000 ETH per week, indicating a strong belief in network growth and institutional adoption.
This aggressive rally has caught the attention of investors, especially since Bitmine is positioning itself as a publicly traded vehicle for exposure to Ethereum. The company’s shares, which trade under the ticker BMNR, have also shown signs of recovery amid renewed buying activity and broader stability in the crypto market.
Although the latest transfer represents only a small portion of its total reserves, it highlights the scale of Bitmine’s treasury operations and the growing role of large corporate companies in the Ethereum markets.
