Arkham tracks asset moves by BitMine and Bhutan

Arkham spots fresh moves by BitMine and Bhutan as markets recover.

As crypto markets recover, institutional investors and sovereign holders have stepped up movements of their digital stockpiles, according to Arkham Intelligence.

BitMine Immersion Technologies transferred about 9,600 ETH (roughly $19.5m) to Coinbase Prime hot wallets.

The assets were sent in two tranches of 5,300 ETH and 4,308 ETH via an intermediate address. Such routing is standard practice in institutional crypto custody.

A transfer to Coinbase Prime does not necessarily presage selling. As the platform offers custodial services, the move could reflect portfolio rebalancing, participation in staking or collateral management.

Shortly before, BitMine acquired 60,976 ETH, its largest weekly purchase in 2026. It now holds more than 4.5m coins.

Chief executive Tom Lee said the market is in the “late stage of a mini-winter”.

According to Arkham, since October 2024 the value of BitMine’s portfolio has fallen from a peak of $16bn to $2.25bn. The drawdown stems from Ethereum’s price decline rather than reserve liquidation. The firm’s unrealised loss is put at $7.8bn, the worst among crypto treasuries.

At the time of writing, the asset trades near $2,065, up 3.2% on the day.

Dominance among Ethereum treasuries

In total, 68 public companies and organisations hold 7.21m ETH worth $14.61bn, or 5.96% of the asset’s circulating supply.

BitMine, the ranking’s leader, accounts for 4.47m ETH (3.7%). Notably, its reserves exceed those of the Ethereum Foundation by more than 21 times.

SharpLink holds its nerve

The investment firm’s net loss for 2025 came to $734.6m, chiefly due to the market slump in the second half.

Most of the damage was an unrealised loss of $616.2m from revaluing reserves holding 868,699 ETH. A further $140.2m was lost to asset impairments when converting locked coins.

Total revenue rose 659% year on year, from $3.7m to $28.1m. In the fourth quarter, income from deploying digital assets increased by 48.5% to $15.3m; over the year, liquid staking brought in $55.2m.

Management said it will keep buying crypto. ETH per share doubled over the year from 2 to 4.01.

“Our strategy is designed to weather any market cycle. The goal is simple: to responsibly increase ETH per share and maximise treasury productivity,” the company emphasised.

SharpLink is the second-largest public holder of the world’s second-biggest cryptocurrency.

Sovereign reserves

Bhutan’s authorities moved 175 BTC (about $11.85m) from their main crypto wallet.

Bhutan just moved another $11 Million of Bitcoin out of its main holding addresses.

The last time they did this was 1 month ago, and they were selling $7 Million of BTC with QCP Capital.

Bhutan periodically sells portions of its Bitcoin in clips of $5-10M, with a particularly… pic.twitter.com/tBuz280bBe

— Arkham (@arkham) March 9, 2026

The coins went to an address created a month ago. That wallet had previously received 184 BTC from the government, which were then forwarded elsewhere. The new 175 BTC remain unmoved.

Arkham says Bhutan regularly sells crypto in $5m–$10m clips. For instance, in February the kingdom sold $7m of assets via trading firm QCP Capital.

The kingdom has mined since 2019, tapping local hydropower. Over five years it has produced about 13,000 BTC. However, after the 2024 halving profitability dropped as costs rose.

Today, Bhutan’s crypto reserves are estimated at 5,425 BTC. The country ranks seventh globally by holdings of the first cryptocurrency.

For comparison, the leader, the United States government, holds 328,372 BTC (about $22bn).

The sovereign wealth fund Druk Holding and Investments manages the state’s assets. Besides bitcoin, its accounts hold small sums in other coins, including 28 ETH and 28 KiboShib memecoins.

In December 2025, Bhutan allocated 10,000 BTC to build a “city of mindfulness”.

In March 2026, Culper Research opened short positions in ether and BitMine shares.