Bitmine Immersion Technologies transferred approximately 9,600 ether (ETH) to Coinbase Prime hot wallets in two separate transfers on Tuesday, according to Arkham data.
The first transfer sent 5,300 ETH worth $10.75 million about nine hours ago, followed by a second batch of 4,308 ETH worth $8.74 million about three hours ago.
Both transfers went through an intermediary wallet before landing in a Coinbase Prime hot wallet, a typical routing pattern for institutional custody. As such, these movements do not necessarily signal an intention to sell. Large on-chain transfers often scare investors, who may fear imminent liquidation.
The transfers come after Bitmine announced its largest weekly ether purchase of 2026, purchasing 60,976 ETH last week and bringing its total holdings above 4.5 million tokens. Chairman Thomas Lee said the company is ramping up its purchases because it believes crypto is in the “final stages of a mini crypto winter.”
Moving coins to Coinbase Prime does not necessarily mean Bitmine is selling. Prime is Coinbase’s institutional custody and trading platform, and transfers may reflect internal rebalancing, staking operations, collateral management, or preparation for OTC activity.
Arkham’s balance history shows that Bitmine’s wallet peaked at nearly $16 billion around October 2024 and declined to around $2.25 billion, reflecting the collapse in ether prices rather than large-scale sales. The company is sitting on losses estimated at $7.8 billion on its position.
Ether was trading at $2,042, up 2.8% on the day.
