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 a second batch of 4,308 ETH worth $8.74 million about three hours ago.
Both passed through an intermediate wallet before landing on an active Coinbase Prime wallet address, a routing pattern consistent with institutional custody operations.
The transfers come after Bitmine reported its largest weekly ether purchase of 2026, purchasing 60,976 ETH last week and bringing its total holdings to over 4.5 million tokens. President Thomas Lee said the company was increasing purchases because it believes cryptocurrencies are in the “late stages of a mini crypto winter.”
Moving coins to Coinbase Prime does not necessarily mean that Bitmine is being sold. Prime is Coinbase’s institutional trading and custody platform, and transfers there could reflect internal rebalancing, staking trades, collateral management, or preparation for OTC activities.
Arkham’s balance history shows that Bitmine’s wallet peaked at about $16 billion around October 2024 and has declined to about $2.25 billion, reflecting the collapse of the ether price rather than large-scale sales. The company faces estimated losses of $7.8 billion from its position.
Ether was trading at $2,042, up 2.8% on the day.
