Bitmine (BMNR) Moves 9,600 ETH to Coinbase Prime After Record 2026 Weekly Buy

TLDR

• Bitmine moved ~9,600 ETH worth $19.5M to Coinbase Prime hot wallets in two transfers on Tuesday
• The transfers don’t necessarily mean selling — Coinbase Prime is an institutional custody platform
• Bitmine just made its largest weekly ETH buy of 2026, purchasing 60,976 ETH last week
• Total ETH holdings now exceed 4.5 million tokens
• Portfolio has dropped from ~$16B peak to ~$2.25B, tracking ETH’s price decline

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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.

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.

Portfolio Value Has Taken a Hit

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.

What Coinbase Prime Actually Does

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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