BlackRock Moves Another $465M in Bitcoin and Ethereum

TLDR

• BlackRock deposits $348M in Bitcoin and $117M in Ethereum to Coinbase Prime.
• The transfer is part of managing BlackRock’s spot Bitcoin and Ethereum ETFs.
• Coinbase Prime continues to be a major platform for institutional crypto moves.
• BlackRock’s iShares Bitcoin Trust faces $964M in recent withdrawals.

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On November 21, 2025, BlackRock, one of the world’s largest asset managers, transferred a significant amount of cryptocurrency to Coinbase Prime, a platform known for providing secure custody and trading services for institutional investors.

The deposit totaled $465 million, with $348 million in Bitcoin and $117 million in Ethereum. This move reflects BlackRock’s ongoing management of its spot Bitcoin and Ethereum Exchange-Traded Funds (ETFs), which have faced substantial outflows in recent weeks.

Coinbase Prime has become a central hub for institutional clients, offering a secure infrastructure for managing digital assets. This transfer follows a broader trend where major financial institutions have increasingly turned to Coinbase for crypto-related services.

Management of ETF Funds Amid Heavy Outflows

BlackRock’s move is linked to its management of the iShares Bitcoin Trust (IBIT) and Ethereum Trust, both of which have seen significant withdrawals in recent days. The iShares Bitcoin Trust, for example, experienced $964 million in outflows just in the week of November 20, 2025.

This includes a record-breaking $523 million withdrawal on November 20. These large withdrawals reflect the volatility and shifting dynamics within the crypto market, impacting institutional fund flows.

Despite the outflows, BlackRock continues to utilize Coinbase Prime to manage its crypto holdings, demonstrating the platform’s growing role in providing secure custody and trading options for large-scale investors. BlackRock’s reliance on Coinbase Prime signals how mainstream financial entities are incorporating crypto assets into their portfolios.

Coinbase Prime Grows as Institutional Crypto Platform

Coinbase Prime has been increasingly recognized as a trusted partner for institutional investors seeking to manage and trade digital assets. As part of BlackRock’s ongoing management of its ETFs, the $465 million transfer to Coinbase Prime will support secure storage and trading of these large holdings. Coinbase Prime offers tailored services to institutional clients, including access to real-time pricing, liquidity, and financing.

This deposit adds to the trend of traditional financial institutions integrating digital assets into their broader investment strategies. With BlackRock leading the charge in crypto ETF management, Coinbase Prime’s position as a crucial platform for institutional investors continues to strengthen.

BlackRock Explores Yield-Bearing Ethereum ETF

Alongside its Bitcoin ETF activities, BlackRock is also looking to develop a yield-bearing Ethereum ETF. The firm recently registered the iShares Staked Ethereum Trust in Delaware, which could provide staking rewards to investors. This move comes as part of BlackRock’s strategy to capitalize on the yield gap in Ethereum ETFs. Unlike traditional spot Ethereum ETFs, which charge a management fee but do not offer staking rewards, the new fund could potentially pass on an annual staking yield of 2-3% to investors.

The introduction of a staked ETH ETF would allow investors to earn returns even if Ethereum’s price remains flat. The SEC has not yet approved such a fund, but BlackRock appears to be positioning its ETF for future regulatory approval, potentially utilizing Coinbase Custody for both storage and staking services.

BlackRock’s Continued Efforts to Strengthen Crypto ETF Position

With increasing interest from institutional investors and evolving regulatory landscapes, BlackRock remains committed to integrating digital assets into its product offerings. The movement of $465 million in Bitcoin and Ethereum to Coinbase Prime represents just one aspect of the firm’s ongoing efforts in the crypto space. As digital asset adoption grows, so too does the role of firms like BlackRock in shaping the future of crypto ETFs and their accessibility to institutional investors.

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