BlackRock Unloads $286M in Crypto to Coinbase Prime

BlackRock has transferred $286 million in Bitcoin and Ether to Coinbase Prime.

The transfer involved approximately 54,096 ETH valued at around $132 million and 2,015 BTC worth nearly $154 million.

This is not an isolated incident; on-chain monitoring services have tracked a recurring pattern of large transfers between BlackRock-linked wallets and Coinbase Prime. The ETF-linked transaction is tied to the operational management of BlackRock's iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA).

Coinbase Prime serves as the primary custodian and execution agent for BlackRock's crypto ETFs, handling everything from buying and selling to settlement and redemptions.