Bitmine Immersion Technologies moved approximately 9,600 ETH to Coinbase Prime hot wallets on Tuesday in two separate transfers, Arkham data shows.
The first transfer sent 5,300 ETH worth $10.75 million about nine hours ago, followed by another batch of 4,308 ETH worth $8.74 million about three hours ago.
Both went through an intermediate wallet before landing on a Coinbase Prime hot wallet address, a routing pattern consistent with institutional custody operations.
The transfers come after Bitmine reported its largest weekly ether purchase in 2026, buying 60,976 ETH last week, bringing its total holdings over 4.5 million tokens. Chairman Thomas Lee said the firm increased the purchase as it believes crypto is in “the late stages of a mini-crypto winter.”
Moving coins to Coinbase Prime does not necessarily mean that Bitmine is selling. Prime is Coinbase’s institutional custody and trading platform, and transfers thereto may reflect internal rebalancing, margin operations, collateral or preparation for OTC activity.
Balance sheet history on Arkham shows that Bitmine’s portfolio peaked near $16 billion around October 2024 and has fallen to around $2.25 billion, reflecting ether’s price collapse rather than large-scale selling. The company is sitting on an estimated loss of $7.8 billion on its position.
Ether traded at $2,042, up 2.8% on the day.
