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

2026/03/10 15:15
4 min read
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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.

By Shaurya Malwa|Edited by Omkar Godbole
Updated Mar 10, 2026, 7:45 a.m. Published Mar 10, 2026, 7:15 a.m.
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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.

Ether PriceBitmine

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