BlackRock has moved a combined 12,416 bitcoin and 30,725 ether worth approximately $740 million to Coinbase Prime in two separate transfers, according to on-chain monitoring by Lookonchain. The first transaction involved 7,432 BTC valued at $446 million, followed by a second deposit of 4,984 BTC and 30,725 ETH totaling $343 million.
The transfers to Coinbase Prime, a custodial and trading platform catering to institutional clients, suggest activity related to the asset manager's bitcoin and ethereum holdings. BlackRock oversees multiple cryptocurrency products, including spot bitcoin and ethereum exchange-traded funds that launched in the United States in 2024.
The movement of such substantial quantities to an exchange platform typically indicates preparation for either trading activity, portfolio rebalancing, or operational adjustment of holdings. Coinbase Prime provides institutional-grade custody, settlement, and financing services, making it a preferred venue for large-scale crypto operations by mainstream financial institutions.