BitMine Immersion Technologies transferred roughly 9,600 Ethereum to wallets linked to Coinbase Prime, according to blockchain analytics from Arkham Intelligence.
The transfers occurred in two transactions totaling about $19–20 million at current prices, including an initial movement of 5,300 ETH followed by another transfer of 4,308 ETH.
Despite the transactions, Arkham data shows BitMine still controls more than 1 million ETH across tracked wallets, with around 3.04 million ETH currently staked.
Large transfers to Coinbase Prime are commonly associated with institutional custody management, liquidity provisioning or over-the-counter trading rather than immediate spot market selling.
BitMine has rapidly expanded its digital asset treasury in recent months, accumulating more than 4.5 million ETH valued at over $9 billion.
The strategy mirrors the corporate Bitcoin treasury model popularised by MicroStrategy, but focuses on Ethereum as the primary reserve asset.
The firm has repeatedly purchased large amounts of ETH during market pullbacks, including buying more than 50,000 ETH within a single week.
Shares of BMNR have also drawn investor attention as the company positions itself as a publicly traded vehicle for institutional exposure to Ethereum.
At the time of reporting, Ethereum price was $2,022.42.