Bitmine Moves $19.5 Million in ETH to Coinbase Prime Amidst Crypto Winter

Bitmine Immersion Technologies, the largest public holder of Ether (ETH), transferred approximately 9,600 ETH, valued at $19.5 million, to Coinbase Prime hot wallets on Tuesday, March 10, 2026. The move, executed in two transactions, doesn’t necessarily indicate an intention to sell, but rather reflects potential institutional custody, rebalancing, or staking operations.

Transactions Detail

Arkham data reveals the transfers occurred in two stages. The first, a transfer of 5,300 ETH worth $10.75 million, took place roughly nine hours ago, followed by a second transfer of 4,308 ETH valued at $8.74 million approximately three hours later. Both transactions routed through an intermediate wallet before reaching Coinbase Prime, a common pattern for institutional custody arrangements CoinDesk.

Strategic Context: Buying During a ‘Mini-Crypto Winter’

This transfer follows Bitmine’s largest weekly Ether purchase of 2026, acquiring 60,976 ETH last week, bringing its total holdings to over 4.5 million tokens. Chairman Thomas Lee stated the firm is increasing its buying activity, believing the cryptocurrency market is in the “late stages of a mini-crypto winter.” CoinDesk

Coinbase Prime: More Than Just a Selling Platform

Moving funds to Coinbase Prime doesn’t automatically signal a sell-off. Coinbase Prime is an institutional platform offering custody, trading, and staking services. Deposits can be linked to various treasury or portfolio management strategies CryptoNews. Bitmine currently holds approximately 3.8% of Ethereum’s circulating supply and aims to reach a 5% accumulation target.

Bitmine’s Portfolio and Ether’s Price Decline

Bitmine’s portfolio has declined from approximately $16 billion in October 2024 to around $2.25 billion, largely mirroring the drop in Ether’s price rather than indicating substantial sales. The company has experienced estimated losses of $7.8 billion on its Ether position. CoinDesk

Potential Staking Operations

There is a possibility that Bitmine intends to stake the transferred ETH. Bitmine announced Monday total holdings of $10.3 billion across crypto assets, cash, and venture-style investments, including 4.5 million ETH. Over 3 million ETH, worth roughly $6 billion, has already been staked, generating substantial annualized staking revenue as the company prepares to launch its MAVAN validator network in early 2026. CryptoNews

Ether’s Recent Performance

As of today, March 10, 2026, Ether was trading at $2,042, up 2.8% on the day. CoinDesk