Bitmine Immersion Technologies moved approximately 9,600 ether (ETH) to Coinbase Prime's hot wallets on Tuesday in two separate transfers, Arkham data shows.

The first transfer sent 5,300 ETH worth $10.75 million roughly nine hours ago, followed by a second batch of 4,308 ETH worth $8.74 million about three hours ago.

Both transfers went through an intermediate wallet before landing in a Coinbase Prime hot wallet, a routing pattern typical of institutional custody. As such, the moves don’t necessarily signal an intention to sell. Large on-chain transfers often spook investors, who may fear a looming liquidation.

The transfers come after Bitmine reported its largest weekly ether purchase of 2026, buying 60,976 ETH last week and bringing its total holdings above 4.5 million tokens. Chairman Thomas Lee said the firm was ramping up buying as it believes crypto is in the "late stages of a mini-crypto winter."

Moving coins to Coinbase Prime doesn't necessarily mean Bitmine is selling. Prime is Coinbase's institutional custody and trading platform, and transfers there could reflect internal rebalancing, staking operations, collateral management, or preparation for OTC activity.

The balance history on Arkham shows Bitmine's portfolio peaked near $16 billion around October 2024 and has declined to roughly $2.25 billion, reflecting ether's price collapse rather than large-scale selling. The company is sitting on estimated losses of $7.8 billion on its position.

Ether was trading at $2,042, up 2.8% on the day.