Blockchain data shows that crypto treasury firm BitMine Immersion Technologies recently transferred around 9,600 ETH to wallets linked to Coinbase’s institutional platform Coinbase Prime.

Bitmine transfers 9,600 ETH to Coinbase Prime

According to on-chain intelligence platform Arkham, the transactions moved roughly 9,600 Ethereum (ETH), worth about $19–20 million at current prices, from Bitmine-controlled wallets to Coinbase Prime addresses.

Such transfers are commonly associated with institutional custody management, liquidity provisioning, or over-the-counter trading activity. The first transfer sent 5,300 ETH worth $10.75 million followed by a second batch of 4,308 ETH worth $8.74 million.

Despite the movement, Arkham data indicates that Bitmine continues to control more than 1 million ETH across tracked wallets, while a large portion of its holdings, around 3.04 million ETH, are staked.

Large transfers to Coinbase Prime are often linked to institutional custody management, over-the-counter (OTC) trading, or liquidity provisioning, rather than immediate spot market selling.

The company has emerged as one of the most aggressive corporate accumulators of Ethereum. Its strategy mirrors the corporate Bitcoin treasury model popularized by companies like MicroStrategy, but with a focus on Ethereum as the primary reserve asset.

Bitmine has dramatically expanded its ETH holdings in recent months as part of a large-scale buying spree. The company now holds over 4.5 million ETH tokens worth more than $9 billion, making it one of the largest institutional holders of the asset.

The firm has repeatedly added tens of thousands of ETH during market pullbacks, including purchases of more than 50,000 ETH in a single week, signaling strong long-term conviction in the network’s growth and institutional adoption.

This aggressive accumulation has drawn investor attention, particularly as Bitmine positions itself as a publicly traded vehicle for exposure to Ethereum. The company’s stock, traded under the ticker BMNR, has also shown signs of recovery alongside renewed buying activity and broader crypto market stabilization.

While the latest transfer represents only a small portion of its total reserves, it highlights the scale of Bitmine’s treasury operations and the growing role of large corporate entities in Ethereum markets.