Arkham data shows that Bitmine Immersion Technologies transferred approximately 9,600 ETH to the Coinbase Prime hot wallet in two separate transactions on Tuesday.
The first transfer sent 5,300 ETH worth $10.75 million about nine hours ago, followed by a second tranche of 4,308 ETH worth $8.74 million about three hours ago.
Both pass through intermediary wallets before arriving at Coinbase Prime hot wallet addresses, a routing pattern consistent with institutional custody operations.
The transfer comes after Bitmine posted its largest weekly Ethereum purchase of 2026, purchasing 60,976 ETH last week, bringing its total holdings to more than 4.5 million tokens. Chairman Thomas Lee said the company is ramping up its buying efforts because it believes cryptocurrencies are in the “late stages of a mini-crypto winter.”
Transferring tokens to Coinbase Prime does not necessarily mean Bitmine is selling them. Prime is Coinbase’s institutional custody and trading platform, where transfers can reflect preparations for internal rebalancing, staking operations, collateral management or OTC activity.
Arkham’s balance history shows that Bitmine’s portfolio peaked at nearly $16 billion around October 2024 and has fallen to about $2.25 billion, reflecting a collapse in Ethereum prices rather than a massive sell-off. The company expects losses of $7.8 billion.
Ethereum was trading at $2,042, up 2.8% on the day.