Bitmine Immersion Technologies sent approximately 9,600 ether to Coinbase Prime hot wallets on Tuesday in two separate transactions, according to on-chain data from Arkham.
Tom Lee(@fundstrat)'s #Bitmine deposited 5,300 $ETH($10.75M) to Coinbase Prime 4 hours ago.https://t.co/oFKKgFATxo pic.twitter.com/4YCSraaI0Z
— Lookonchain (@lookonchain) March 10, 2026
The first transfer moved 5,300 ETH, valued at around $10.75 million. A second batch of 4,308 ETH worth $8.74 million followed a few hours later.
Both transfers were routed through an intermediate wallet before reaching Coinbase Prime. That’s a common pattern for institutional custody operations.
Bitmine Immersion Technologies, Inc., BMNR
The move caught attention because large on-chain transfers often make investors nervous. The fear is usually the same — is someone about to dump?
In this case, probably not. Coinbase Prime is an institutional platform used for custody, staking, collateral management, and OTC trading. A transfer there doesn’t mean a sale is incoming.
The timing is worth noting. This comes just days after Bitmine reported its biggest weekly ETH purchase of 2026. The firm bought 60,976 ETH last week alone, pushing its total holdings past 4.5 million tokens.
Chairman Thomas Lee said the company was leaning into buying because it believes the market is in the “late stages of a mini-crypto winter.” That framing suggests the firm sees current prices as a buying opportunity, not a reason to exit.
Bitmine’s ETH portfolio peaked at around $16 billion back in October 2024. It now sits at roughly $2.25 billion.
That’s not because the firm has been selling. Arkham’s balance history shows the decline closely tracks ETH’s own price drop rather than any large outflows.
The firm is sitting on estimated unrealized losses of $7.8 billion on its position. That’s a painful number, but it reflects the broader ETH market, not a change in strategy.
Ether was trading at $2,042 at the time of writing, up 2.8% on the day.
Coinbase Prime handles institutional-grade services — think custody, lending, and large block trades away from public order books.
Transferring Ethereum there gives Bitmine flexibility. It could be repositioning for staking yields, managing collateral, or simply organizing assets under institutional custody.
There’s no public statement from Bitmine confirming the purpose of the transfer.
What is clear is that the firm’s strategy hasn’t changed. It has been steadily accumulating ETH and its chairman is on record calling this a buying period.
The two Tuesday transactions, totaling $19.5 million in ETH, are the latest on-chain activity from the largest publicly known ether holder.
ETH was up 2.8% on the day at $2,042 at time of publication.
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