BitMine Moves $19.5M in ETH to Coinbase Prime as Bhutan Continues Bitcoin Sell-Off

Blockchain analytics firm Arkham Intelligence has flagged significant movements of cryptocurrency reserves by both corporate and sovereign holders. As the market recovers, BitMine Immersion Technologies transferred approximately 9,600 ETH (~$19.5 million) to Coinbase Prime hot wallets, while Bhutan's government initiated a transfer of 175 BTC (~$11.85 million).

BitMine: Coinbase Prime Transfer Amid Record Accumulation

BitMine's funds were sent in two separate tranches — 5,300 ETH and 4,308 ETH — routed through an intermediary address. This type of routing is standard practice for institutional custody operations.

Arkham data on BitMine's ETH movement. Source: Arkham

Moving assets to Coinbase Prime does not necessarily signal an impending sell-off. The platform provides custodial services, so the transfer could relate to portfolio rebalancing, staking participation, or collateral management.

Shortly before this transfer, BitMine purchased 60,976 ETH — the company's largest weekly acquisition in 2026. Its balance now exceeds 4.5 million tokens. CEO Tom Lee attributed the aggressive accumulation strategy to the crypto market being in the "late stage of a mini-winter."

According to Arkham, BitMine's portfolio value has declined from a peak of $16 billion in October 2024 to $2.25 billion. The drawdown is driven by Ethereum's price decline, not asset liquidation. The company's unrealized loss stands at $7.8 billion — a record among crypto treasuries.

BitMine portfolio value trajectory. Source: Artemis Analytics

At the time of writing, Ethereum was trading near $2,065, up 3.2% over the past 24 hours.

ETH/USDT hourly chart on Binance. Source: TradingView

Why This Matters

BitMine holds an outsized position among public Ethereum holders. A total of 68 public companies and organizations hold 7.21 million ETH worth $14.61 billion — equivalent to 5.96% of the asset's circulating supply. BitMine alone accounts for 4.47 million ETH (3.7%), dwarfing the Ethereum Foundation's holdings by more than 21 times.

ETH distribution among public companies. Source: Strategic ETH Reserve

BitMine reserves compared to other major holders. Source: Strategic ETH Reserve

Any hint of selling pressure from the largest corporate ETH holder could amplify downward momentum for an already weakened asset.

SharpLink: Losses Don't Deter Accumulation

The second-largest public Ethereum holder, investment firm SharpLink, reported a net loss of $734.6 million for 2025, primarily driven by the crypto market downturn in the second half of the year. Unrealized losses from the revaluation of its 868,699 ETH reserves accounted for $616.2 million, with another $140.2 million lost on impairment during locked token conversions.

Despite the losses, SharpLink's total revenue surged 659% — from $3.7 million to $28.1 million. Q4 digital asset placement income rose 48.5% to $15.3 million, while liquid staking generated $55.2 million for the full year. The company's ETH-per-share metric doubled from 2 to 4.01 ETH.

SharpLink's management stated that the company's strategy is designed to navigate all market cycles, with the core objective being to responsibly grow ETH per share and maximize treasury productivity.

Bhutan: Systematic Bitcoin Liquidation Continues

The Bhutanese government transferred 175 BTC (~$11.85 million) from its primary crypto wallet. The coins were sent to an address created one month ago. This same address had previously received 184 BTC from the government, which was subsequently moved elsewhere. The new batch of 175 BTC remains stationary.

"Bhutan just moved another $11 Million of Bitcoin out of its main holding addresses. The last time they did this was 1 month ago, and they were selling $7 Million of BTC with QCP Capital. Bhutan periodically sells portions of its Bitcoin in clips of $5-10M…" — Arkham (@arkham), original post

According to Arkham, the kingdom regularly sells bitcoin in $5–10 million batches. In February, Bhutan sold $7 million worth of assets through trading firm QCP Capital.

Bhutan's cryptocurrency reserves. Source: Arkham

Bhutan has been mining bitcoin since 2019, leveraging its hydroelectric power infrastructure. Over five years, the nation mined approximately 13,000 BTC, though profitability declined after the 2024 halving due to rising costs. Current reserves stand at 5,425 BTC, placing Bhutan seventh globally among sovereign bitcoin holders. For comparison, the top-ranked United States government holds 328,372 BTC (~$22 billion).

Global sovereign Bitcoin reserves ranking. Source: BitcoinTreasuries

Bhutan's crypto assets are managed by sovereign wealth fund Druk Holding and Investments. Beyond bitcoin, its accounts hold smaller amounts of other tokens, including 28 ETH and 28 KiboShib meme tokens. In December 2025, Bhutan allocated 10,000 BTC toward building a "city of mindfulness." In March 2026, Culper Research opened short positions against Ether and BitMine shares.