Arkham data shows BitMine Immersion Technologies transferred around 9,600 ETH to Coinbase Prime addresses in two transactions totaling roughly $19–20 million. The first transfer moved 5,300 ETH worth about $10.75 million, followed by a second batch of 4,308 ETH worth $8.74 million. Such transfers are commonly linked to institutional custody management, liquidity provisioning, or OTC trading activity.
Even after the move, Arkham data indicates BitMine controls more than 1 million ETH across tracked wallets, with roughly 3.04 million ETH staked. BitMine has accumulated more than 4.5 million ETH worth over $9 billion, cementing its position as one of Ethereum’s largest corporate holders.
The company has emerged as one of the most aggressive corporate accumulators of Ethereum, mirroring the Bitcoin treasury model popularized by MicroStrategy but focusing on Ethereum as the primary reserve asset. It has dramatically expanded its ETH holdings in recent months as part of a large-scale buying spree, now holding over 4.5 million ETH worth more than $9 billion. This accumulation has drawn investor attention, particularly as BitMine markets itself as a publicly traded vehicle for Ethereum exposure. Its BMNR stock has shown signs of recovery alongside renewed buying activity and broader crypto market stabilization.
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