BlackRock Moves $295 Million in Bitcoin and Ethereum to Coinbase Prime

BlackRock Moves $295 Million in Bitcoin and Ethereum to Coinbase Prime

BlackRock’s latest Bitcoin ETF-linked transfers to Coinbase Prime highlight its sustained large-scale allocation of digital assets, with on-chain data hinting at further activity.

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Fact Check
The evidence provided strongly supports the truthfulness of the statement. Multiple relevant sources corroborate the core elements of the claim. One crypto news outlet and a post on Binance's content platform both directly report on deposits from BlackRock-linked wallets to Coinbase Prime, citing on-chain data from analytics firms like Lookonchain and Arkham Intelligence. This is a very strong form of evidence, as on-chain data is publicly verifiable. Another source, a crypto screener, reports that BlackRock "offloaded" $292 million in Bitcoin and Ethereum. This aligns closely with the claim's $295 million figure; minor discrepancies in dollar value are common and expected in volatile crypto markets due to different calculation times. The term "offloaded" is also consistent with a transfer to an exchange. While some sources are irrelevant, the three highly relevant sources are consistent in identifying the key parties (BlackRock, Coinbase), the assets (Bitcoin and Ethereum), and a transaction value in the high hundreds of millions. There are no significant contradictions in the provided evidence. The consensus among the relevant sources, based on verifiable on-chain data, makes the statement very likely to be true.
Summary

BlackRock has made additional Bitcoin transfers linked to its iShares Bitcoin Trust (IBIT), moving 600 BTC worth nearly $40 million to a Coinbase Prime address, according to Arkham. This follows a Feb. 10 transaction reported by Onchain Lens, when BlackRock deposited 3,401.98 BTC valued at $234.28 million and 30,215.6 ETH worth $60.82 million into Coinbase Prime, totaling about $295 million. These moves underscore the asset manager’s continued significant involvement in cryptocurrency markets, with market watchers anticipating more transfers.

Terms & Concepts
  • Coinbase Prime: A custody and trading platform by Coinbase designed for institutional investors, offering secure storage and execution services.
  • BTC: Ticker symbol for Bitcoin, the first and largest cryptocurrency by market capitalization.
  • ETH: Ticker symbol for Ethereum, a leading blockchain platform supporting smart contracts and decentralized applications.