Bitmine Immersion Technologies, led by Executive Chairman Tom Lee, has been steadily buying large amounts of Ethereum [ETH] in recent months as part of its long-term goal called the “Alchemy of 5%.”
However, the strategy saw an unexpected shift on the 10th of March.
On-chain data shows that Bitmine transferred 5,300 ETH, worth around $10.75 million, to a Coinbase Prime deposit address.
Source: Lookonchain/X
For a company that recently doubled its weekly buying pace to more than 60,000 ETH, this transfer stands out. It suggests the firm may be temporarily loosening its hold on some of its holdings.
What does this transfer hint at?
Moreover, it’s important to note that large firms like Bitmine often use platforms such as Coinbase Prime for more than just selling assets.
These platforms provide services like over-the-counter (OTC) trading, liquidity management, and secure custody.
This means that moving funds may also simply be an act of positioning assets so they are easier to use if trading opportunities arise.
This is quite similar to what Strategy has been doing. By building its entire treasury around Bitcoin [BTC] and holding about 738,731 BTC, it has made itself the largest corporate Bitcoin holder in the world.
Bitmine, on the other hand, has taken a similar approach with Ethereum, holding roughly 4,534,563 ETH valued at $9.37 billion.
What makes the transfer stand out?
The transfer comes at a time when Bitmine’s stock price fell by around 9.64% to $20.70 at press time, and Ethereum exchange-traded funds (ETFs) recorded about $51.3 million in outflows on the 9th of March.
However, data from Glassnode shows that corporate Ethereum treasuries have grown rapidly since mid-2025.
Even though Ethereum’s price has dropped from its earlier range of around $4,000–$5,000 to about nearly $2,000, the total amount of ETH held by corporate treasuries has climbed above 6 million ETH.
Major firms involved in this accumulation include Bitmine, Coinbase Global, and Galaxy Digital.
Source: Glassnode
This trend suggests that large institutions are taking advantage of price dips to increase their holdings.
Staked Ethereum by Bitmine
Additionally, instead of simply holding ETH like many Bitcoin-focused companies, BitMine stakes a large portion of its assets to earn network rewards.
At the time of writing, about 3,040,483 ETH, nearly two-thirds of its total holdings, were staked, representing over $6 billion in capital and generating an estimated $174 million in annual revenue.
This shows that Bitmine sees Ethereum not just as an asset to trade but as infrastructure that can generate steady income.
Final Summary
- Bitmine’s 5,300 ETH transfer may raise speculation, but it likely reflects operational flexibility rather than a major shift in strategy.
- Even with ETF outflows and price declines, corporate treasuries continue accumulating ETH, suggesting long-term confidence from institutions.
