Crypto firm Bitmine Immersion Technologies recently sent 9,600 Ethereum (ETH) to Coinbase Prime, the company’s institutional platform.
Blockchain data from Arkham shows the transfer happened in two batches. The first moved 5,300 ETH worth $10.75 million. The second moved 4,308 ETH, valued at $8.74 million.
The move is likely part of custody management, over-the-counter trading, or liquidity operations, not a sign of selling.
Despite this, Bitmine still controls over 1 million ETH across its wallets. About 3.04 million of its holdings are staked.
The company has been aggressively accumulating Ethereum. It now holds over 4.5 million ETH, worth more than $9 billion, making it one of the largest institutional holders.
Bitmine has bought tens of thousands of ETH during market dips, including weeks where it added over 50,000 ETH. This shows strong long-term confidence in Ethereum.
The company’s stock, traded as BMNR, has also shown signs of recovery alongside the renewed crypto buying.
While the transfer is a small part of Bitmine’s total reserves, it highlights the scale of its operations and the growing role of large corporations in Ethereum markets.
