Key Takeaways
- BlackRock transferred $135 million in Ethereum to Coinbase Prime, signaling ongoing institutional crypto activity.
- The move is likely related to operations and rebalancing for BlackRock’s spot Ethereum ETF.
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BlackRock, the investment management giant, moved 44,140 Ethereum worth around $135 million in Ethereum to Coinbase Prime today. The transfer represents the latest on-chain activity involving the asset manager’s crypto operations.
BlackRock oversees spot Bitcoin and Ethereum exchange-traded funds, focusing on integrating crypto into traditional investment portfolios. The firm has been actively depositing Bitcoin and Ethereum into Coinbase Prime to facilitate operations for its crypto ETFs amid portfolio adjustments.
Coinbase Prime serves as a specialized platform for institutional crypto custody and trading, providing secure handling of digital assets in regulated environments. The platform often facilitates ETF operations and strategic asset management for large institutional clients.
BlackRock’s Ethereum ETF (ETHA) reported around $89 million in net outflows yesterday, while funds from Fidelity and Grayscale posted gains.
