Tom Lee’s Bitmine Moves $19.5M in Ethereum to Coinbase Prime: Arkham

Highlights:

• Ethereum treasury firm Bitmine transferred $19.5 million in Ethereum to Coinbase Prime.
• Bitmine’s Ethereum holdings have surpassed 4.5 million ETH.
• Large transfers to Coinbase Prime do not always signal selling.

The Ethereum treasury firm Bitmine Immersion Technologies recently transferred 9,600 Ethereum (ETH) worth around $19.5 million to Coinbase Prime. The transaction was done in two stages, with 5,300 ETH worth about $10.75 million and another 4,308 ETH worth about $8.74 million, as per the data from on-chain analytics firm Arkham Intelligence. This flow of funds coincides with the continued plan of Bitmine to build its Ethereum reserve.

What’s Behind the Transfer to Coinbase Prime?

The movement of ETH to the hot wallets at Coinbase Prime does not necessarily imply a sell-off. Such transfers are typically associated with either liquidity provisioning, institutional custody, or over-the-counter (OTC) trade. Coinbase Prime offers a secure platform to institutional clients and offers services such as custody management, staking, and trading. As a result, Bitmine’s transfer to Coinbase Prime might suggest the aim of staking the funds, instead of selling them.

LATEST: TOM LEE’S BITMINE MOVES 5,300 ETH TO COINBASE PRIME

Bitmine (@BitMNR) Immersion Technologies chaired by Fundstrat co-founder Thomas Lee (@fundstrat) transferred 5,300 $ETH worth about $11M today.

On-chain analytics firm @Arkham Intelligence tracked the transaction.

A… pic.twitter.com/P0HVcNDJAk

— BSCN (@BSCNews) March 10, 2026

Tom Lee’s Bitmine, being one of the largest institutional investors in the Ethereum market, might be gearing up for either staking or collateral management. Meanwhile, Bitmine is establishing the MAVAN validator network. It is expected to roll out in early 2026, positioning the firm to generate revenue in the long term through Ethereum staking.

Bitmine’s Growing Ethereum Holdings

Bitmine currently owns over 4.5 million ETH, worth over $9 billion. Moreover, Bitmine has staked nearly 3.04 million ETH, which constitutes a significant portion of its assets. Bitmine has continued its aggressive ETH purchases, with tens of thousands of ETH being bought by the company during the market pullbacks.

Tom Lee still considers Ethereum a long-term growth asset. This strategy is similar to the corporate treasury approaches observed in Bitcoin holdings by entities such as Michael Saylor’s Strategy. Having already secured over 3% of the circulating supply of Ethereum, Bitmine is taking strategic steps towards its next major growth and institutional adoption.

According to the balance history on Arkham, Bitmine’s portfolio had peaked at roughly $16 billion. However, its holdings are now worth about $2.25 billion following the decline in the price of Ethereum. This represents massive losses of almost $7.8 billion, which is mostly due to the price fall of ETH, not related to any large-scale selling activities.

Strategic Vision for Ethereum’s Growth

Bitmine has set an ambitious target, which is to own up to 5% of Ethereum’s total supply. Having already reached more than 75% of this target, the company is actively purchasing Ethereum in order to achieve its target. Bitmine believes in Ethereum resilience even in the face of market volatility and rising oil prices. Tom Lee believes that the cryptocurrency market is entering the final phase of a mini-crypto winter, and Ethereum is following historic price trends of previous market cycles.

Tom Lee’s Bitmine is also investing heavily in other projects beyond Ethereum. Their solid portfolio consists of $1.2 billion in cash and various crypto assets and moonshot investments. The firm recently announced that it acquired 60,976 ETH last week. This was the biggest weekly purchase since the beginning of the year.

TOM LEE AND BITMINE JUST UPDATED THEIR TREASURY

Here’s what BITMINE ($BMNR) currently holds.

195 Bitcoin $BTC
$14M stake in Eightco
$200M stake in Beast Industries
$1.2B of unencumbered cash
4,534,563 Ethereum $ETH (3.76% of supply)

The Ethereum strategy is… pic.twitter.com/q3Rjz3aCWR

— BMNR Bullz (@BMNRBullz) March 9, 2026

Meanwhile, the ETH token has displayed a robust performance with a surge of more than 2% over the last 24 hours. ETH’s price is currently trading around $2,051. In addition, its market capitalization and trading volume have climbed to $245 billion and $22 billion, respectively.