Bitmine Transfers 9,600 ETH to Coinbase Prime After Record Weekly Purchase
According to Arkham data, Bitmine moved 9,600 ether to Coinbase Prime following a major accumulation and amid comments by Chairman Thomas Lee suggesting the crypto market is nearing recovery.
The claim is accurately supported by a primary news report from CoinDesk and corroborated by on-chain data from Arkham. The specific details—9,600 ETH (split into 5,300 and 4,308 ETH transfers), the destination (Coinbase Prime), the preceding record purchase (60,976 ETH), and the Chairman's comments—all match the evidence found in 'Ether treasury firm Bitmine moves $19.5 million in ETH to Coinbase Prime'.
Bitmine Immersion Technologies transferred approximately 9,600 ETH to Coinbase Prime hot wallets on Tuesday in two separate transactions, sending 5,300 ETH worth $10.75 million and 4,308 ETH worth $8.74 million through an intermediary wallet. The transactions occurred after Bitmine’s largest weekly ether purchase of 2026, totaling 60,976 ETH, which raised its holdings above 4.5 million tokens. Chairman Thomas Lee stated that crypto is in the late stages of a 'mini-crypto winter.' Bitmine’s portfolio has declined from $16 billion in October 2024 to $2.25 billion, reflecting ether’s price drop rather than large-scale selling. ETH traded at $2,042, up 2.8% on the day.
- Coinbase Prime: An institutional trading and custody platform by Coinbase used for secure crypto asset management.
- Ether (ETH): The native cryptocurrency of Ethereum, used for transactions, staking, and smart contract execution.
- Mini-crypto winter: A brief downturn in cryptocurrency markets characterized by reduced prices and investor activity before recovery.