Bitmine Transfers 9,600 ETH to Coinbase Prime in Two Transactions

TheNewsCryptoPublished on 2026-03-10Last updated on 2026-03-10

Abstract

Bitmine Immersion Technologies transferred 9,600 ETH (worth $19.5 million) to a Coinbase Prime-linked wallet in two transactions: 5,300 ETH ($10.75M) and 4,308 ETH ($8.74M). While such moves can signal potential selling, analysts note transfers to Coinbase Prime—a platform for institutional services—may serve various purposes and don't necessarily indicate an immediate sale. Bitmine recently increased its ETH holdings but faces unrealized losses of about $7.8 billion due to Ether's price decline, with its total crypto portfolio valued at $2.25 billion, down from a $16 billion peak in October 2024.

Bitmine Immersion Technologies moved 9,600 ETH, which is worth around $19.5 million, to the account linked with Coinbase Prime on Tuesday. According to the report from Arkham Intelligence, the transfers were made in two separate transactions. The analyst says that the transfers do not necessarily indicate that Bitmine plans to sell its ETH holdings.

Major two transfers

The first transaction transferred 5300 ETH, which is valued at about $10.75 million, and the second transfer sent 4308 ETH, which is roughly around $8.74 million. Both transactions were routed through an intermediate wallet before reaching Coinbase Prime’s hot wallet, widely used by institutional investors.

The latest movement in crypto can sometimes suggest that the investors are preparing to sell, but that may not be the case here. With tools for trading, custody, and portfolio management, Coinbase Prime is primarily intended for institutional clients. Because of this, the transfer to Coinbase Prime may occur for many reasons; consequently, the transfer by itself does not verify any immediate selling activity.

Bitmine raised more than 4.5 million ETH from its total holdings last week by purchasing 60,976 ETH. Despite its substantial holdings, Bitmine’s cryptocurrency holdings are currently valued at roughly $2.25 billion, down from a peak of about $16 billion in October 2024. This decline is largely linked to the fall in the ether’s market price, and estimates suggest that Bitmine is currently holding unrealized losses of about $7.8 billion on its positions. Recent transfers have drawn attention towards the blockchain, and analysts say that they should be viewed within the broader context of the institutional crypto operations.

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Related Questions

QHow much ETH did Bitmine transfer to Coinbase Prime and what was its approximate USD value?

ABitmine transferred a total of 9,600 ETH to Coinbase Prime, which was worth approximately $19.5 million.

QWere the ETH transfers made in a single transaction or multiple transactions?

AThe transfers were made in two separate transactions: one for 5,300 ETH and another for 4,308 ETH.

QAccording to the report, does transferring ETH to Coinbase Prime necessarily mean Bitmine plans to sell it?

ANo, the transfer does not necessarily indicate that Bitmine plans to sell its ETH holdings, as Coinbase Prime is used for various institutional services beyond just selling.

QWhat is the estimated value of Bitmine's total cryptocurrency holdings and how much have they declined from their peak?

ABitmine's cryptocurrency holdings are currently valued at roughly $2.25 billion, which is down significantly from a peak of about $16 billion in October 2024.

QWhat is the primary reason for the decline in the value of Bitmine's holdings?

AThe decline is largely linked to the fall in ether's market price, resulting in the company holding an estimated $7.8 billion in unrealized losses on its positions.

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