On March 10, according to Arkham data, Bitmine Immersion Technologies transferred approximately 9,600 ETH (about $19.5 million) to a CEX hot wallet through two transactions. The first transaction was completed about 9 hours ago, involving 5,300 ETH (about $10.75 million); the second was completed about 3 hours ago, involving 4,308 ETH (about $8.74 million). Both transactions were routed through intermediary wallets, consistent with institutional custody operations.
Previously, Bitmine announced its largest weekly Ethereum purchase since 2026, acquiring 60,976 ETH last week, bringing its total holdings to over 4.5 million ETH. Chairman Thomas Lee stated that the company’s increased buying activity is due to the belief that the crypto market is in the late stages of a “small crypto winter,” and remains optimistic about Ethereum and mainstream digital assets in the long term.
It is worth noting that transferring tokens to the aforementioned CEX does not necessarily mean Bitmine is selling. As an institutional custody and trading platform, such transfers may be used for internal asset rebalancing, staking operations, collateral management, or preparing for OTC trading activities. This move indicates the institution’s focus on Ethereum liquidity and operational flexibility.
Arkham’s historical balance data shows that Bitmine’s portfolio peaked at nearly $16 billion in October 2024, currently around $2.25 billion. This decline mainly resulted from a significant drop in Ethereum’s price, rather than large-scale selling, with an estimated unrealized loss of about $7.8 billion on the position.
At the time of this report, Ethereum’s trading price was $2,042, up 2.8% for the day. Analysts believe that Bitmine’s actions may signal to institutional investors that, despite volatility, strategic positioning and asset management can help maintain long-term confidence in Ethereum. This transfer also demonstrates institutional risk management strategies during the small crypto winter and market volatility. (CoinDesk)
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