Bitmine moves roughly 9,600 ETH worth $19.5 million to Coinbase Prime

Bitmine Immersion Technologies, the largest public ether holder, moved roughly 9,600 ETH, totaling $19.5 million, to Coinbase Prime hot wallets on Tuesday across two separate transfers. The routing pattern suggests these movements are consistent with institutional custody operations, such as internal rebalancing or preparation for OTC activity, rather than immediate selling. This occurred shortly after Bitmine reported its largest weekly ETH purchase of 2026, increasing its total holdings above 4.5 million tokens, based on the belief that crypto is in the "late stages of a mini-crypto winter." Despite the firm sitting on estimated losses of $7.8 billion due to Ether's price collapse since its portfolio peak, moving funds to Coinbase Prime is a common practice for institutional management.

(Source：CoinDesk)