Important points
- BlackRock transferred $467 million in Bitcoin and $176 million in Ethereum to Coinbase.
- The transaction was facilitated through Coinbase Prime, which targets institutional investors.
BlackRock today transferred over 4,879 Bitcoins worth approximately $467 million and 54,730 Ethereums worth approximately $176 million to Coinbase Prime, marking another significant institutional move in digital assets.
Coinbase Prime serves as BlackRock’s primary platform for institutional-grade cryptocurrency trading, providing the infrastructure needed for trades of this scale between the world’s largest asset managers and leading cryptocurrency exchanges.
The transfers come after BlackRock’s Bitcoin ETF recorded its biggest single-day outflow on Friday, with investors withdrawing more than $463 million. The company’s spot Ethereum product also recorded large withdrawals, triggering outflows from the entire U.S. spot crypto ETF market.
