Bitmine moves roughly 9,600 ETH worth $19.5 million to Coinbase Prime as ether treasury firm shuffles holdings
Analysis
Price Impact
LowWhile a large amount of eth was moved, the article explicitly states these transfers may not indicate selling and are consistent with institutional custody, rebalancing, or other operational movements. bitmine also recently made its largest weekly purchase of eth.
Trustworthiness
HighThe information comes from arkham data and is reported by coindesk, a reputable crypto news source. the analysis in the article seems balanced, considering multiple possibilities for the transaction.
Price Direction
NeutralThe movement to coinbase prime does not necessarily signal a sell-off. given bitmine's recent large purchase and the explanation of potential operational reasons for the transfer, the immediate price impact is likely neutral.
Time Effect
ShortThe transfer occurred recently (tuesday), and the market's reaction to this specific event is likely to be short-term, especially if no further selling pressure is observed.
Original Article:
Article Content:
Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitmine moves roughly 9,600 ETH worth $19.5 million to Coinbase Prime as ether treasury firm shuffles holdings 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 Mar 10, 2026, 7:15 a.m. Make us preferred on Google 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 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 roughly nine hours ago, followed by a second batch of 4,308 ETH worth $8.74 million about three hours ago. Both went through an intermediate wallet before landing at 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 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. More For You Pudgy Penguins: Challenging the Pokemon and Disney Legacy in the Global IP Race By CoinDesk Research Feb 27, 2026 Commissioned by Pudgy Penguins CoinDesk Research looks into how Pudgy Penguins disrupts traditional toys market via a phygital model. With 2M+ units sold, they scale via global partnerships and events. What to know : Disrupting a Stagnant Market : Pudgy Penguins is utilizing a "Negative CAC" model to challenge the traditional $31.7B licensed toy industry by treating physical merchandise as a profitable user acquisition tool rather than just a final product. View Full Report More For You Here's how traders and big buyers stepped in to keep bitcoin steady during the oil shock By Omkar Godbole | Edited by Sam Reynolds 1 hour ago Several market participants, including MSTR and OTC traders, kept demand steady, helping BTC stay resilient. What to know : Bitcoin has remained relatively stable and even gained about 4% this month despite a sharp oil-driven sell-off in global equity markets. Large over-the-counter bitcoin purchases, MSTR's purchases and on-chain demand likely supported prices. Read full story Latest Crypto News Pudgy Penguins launches its 'Club Penguin' moment, and the game doesn't feel like crypto at all 55 minutes ago Here's how traders and big buyers stepped in to keep bitcoin steady during the oil shock 1 hour ago AI tokens rally after Nvidia open-source agent plan, beat CoinDesk 20 1 hour ago Bhutan sells $42.5 Million of bitcoin in 2026 as national stack drops 58% from peak 2 hours ago Ether, solana, XRP jump higher as Trump signals Iran war nearing end 2 hours ago Bitcoin jumps past $70,000 as war volatility fades 3 hours ago Top Stories Crypto and stocks add to gains as Trump says Iran war could be over soon 11 hours ago Bitcoin could be the big winner if the U.S.-Iran conflict drags on for months 15 hours ago Stock market volatility hits one-year high, possibly marking bitcoin bottom 16 hours ago Trump's threat to block Congress over voter-ID law leaves crypto bill on shakier ground 7 hours ago