TLDR
- Bitmine sent 5,300 ETH worth about $11 million to Coinbase Prime.
-
A second transfer moved 4,308 ETH worth about $8.74 million later that day.
-
The company reported 4.5 million ETH, 195 BTC, and $1.2 billion in cash.
-
More than 3 million ETH has already been staked ahead of MAVAN launch.
Bitmine Immersion Technologies moved thousands of ETH to Coinbase Prime on Tuesday. The transfer drew attention because the firm holds one of the largest public Ethereum treasuries.
The company sent 5,300 ETH worth about $11 million in one transaction. Later, it moved another 4,308 ETH worth about $8.74 million through a similar route.
Coinbase Transfer puts Focus on Treasury Activity
Arkham Intelligence data showed both transfers passed through an intermediate wallet. The funds then landed in a Coinbase Prime hot wallet. That routing pattern is common for institutional activity. It can relate to custody, staking, rebalancing, or other treasury operations.
A transfer to Coinbase Prime does not confirm a sale. Coinbase Prime offers custody, trading, and staking services for institutional clients. That detail matters because large on-chain moves often trigger market concern. However, treasury firms also use such platforms for internal asset management.
Bitmine has not stated that the transfers were tied to a sale. Market observers, therefore, linked the move more closely to staking or portfolio management.
Bitmine Expands its Ethereum Treasury Position
The transfer came shortly after Bitmine reported its largest weekly Ether purchase of 2026. The company bought 60,976 ETH last week. That purchase pushed total holdings above 4.5 million ETH. Bitmine also reported 195 BTC and $1.2 billion in cash.
The company said total crypto, cash, and moonshot holdings reached $10.3 billion. That disclosure placed fresh attention on its Ethereum-centered strategy. Bitmine now owns about 3.8% of Ethereum’s circulating supply. The firm is also working toward what it calls the “Alchemy of 5%” target.
Its balance sheet remains closely tied to Ether’s price moves. Arkham data showed the firm’s portfolio once peaked near $16 billion.
The same data showed the portfolio later dropped to around $2.25 billion. That decline tracked Ether’s price weakness rather than broad token sales.
Staking Remains Central to the Company Plan
More than 3 million ETH have already been staked by Bitmine. The firm said that the position generates major annualized staking revenue. The company is also preparing to launch its MAVAN validator network in early 2026. That plan supports its broader focus on staking infrastructure.
Because Coinbase Prime supports staking services, the latest ETH transfer drew speculation around that use case. Still, no public filing confirmed that purpose.
Bitmine has built a treasury model that goes beyond simple asset holding. It combines large ETH ownership with validator and staking operations.
That structure gives the company several ways to manage its Ethereum position. It can hold, stake, rebalance, or place assets under institutional custody.
Tom Lee links market weakness to broader cycles
Chairman Thomas Lee said Ethereum has shown resilience during macro pressure and higher oil prices. He said the asset has tracked past S&P 500 patterns.
According to Lee, those historical comparisons may point to a market bottom between March 8 and March 14 near $1,740. His comments followed recent crypto market weakness.
Lee described the current environment as the late stage of a “mini-crypto winter.” He said that view supported Bitmine’s faster pace of ETH accumulation.
At press time, Ether traded near $2,000 and posted a daily gain of about 3%, according to CoinGecko. That move offered some support to Bitmine’s latest positioning.
