{"id":95089,"date":"2026-03-10T16:13:29","date_gmt":"2026-03-10T13:13:29","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=95089"},"modified":"2026-03-10T16:16:19","modified_gmt":"2026-03-10T13:16:19","slug":"arkham-tracks-asset-moves-by-bitmine-and-bhutan","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/arkham-tracks-asset-moves-by-bitmine-and-bhutan\/","title":{"rendered":"Arkham tracks asset moves by BitMine and Bhutan"},"content":{"rendered":"

As crypto markets recover, institutional investors and sovereign holders have stepped up movements of their digital stockpiles, according to Arkham Intelligence.<\/p>\n

BitMine Immersion Technologies transferred about 9,600 ETH (roughly $19.5m) to Coinbase Prime hot wallets.<\/p>\n

\"Screenshot
Source: Arkham<\/a>.<\/figcaption><\/figure>\n

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.<\/p>\n

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<\/a> or collateral management.<\/p>\n

Shortly before, BitMine acquired 60,976 ETH<\/a>, its largest weekly purchase in 2026. It now holds more than 4.5m coins.<\/p>\n

Chief executive Tom Lee said the market is in the \u201clate stage of a mini-winter\u201d.<\/p>\n

According to Arkham, since October 2024 the value of BitMine\u2019s portfolio has fallen from a peak of $16bn to $2.25bn. The drawdown stems from Ethereum\u2019s price decline rather than reserve liquidation. The firm\u2019s unrealised loss is put at $7.8bn, the worst among crypto treasuries.<\/p>\n

\"Screenshot
Source: Artemis Analytics<\/a>.<\/figcaption><\/figure>\n

At the time of writing, the asset trades near $2,065, up 3.2% on the day.<\/p>\n

\"ETHUSDT_2026-03-10_13-01-59\"
Hourly ETH\/USDT chart on Binance. Source: TradingView<\/a>.<\/figcaption><\/figure>\n

Dominance among Ethereum treasuries<\/h2>\n

In total, 68 public companies and organisations hold 7.21m ETH worth $14.61bn, or 5.96% of the asset\u2019s circulating supply.<\/p>\n

\"Screenshot
Source: Strategic ETH Reserve<\/a>.<\/figcaption><\/figure>\n

BitMine, the ranking\u2019s leader, accounts for 4.47m ETH (3.7%). Notably, its reserves exceed those of the Ethereum Foundation by more than 21 times.<\/p>\n

\"Screenshot
Source: Strategic ETH Reserve<\/a>.<\/figcaption><\/figure>\n

SharpLink holds its nerve<\/h2>\n

The investment firm\u2019s net loss for 2025 came to<\/a> $734.6m, chiefly due to the market slump in the second half.<\/p>\n

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.<\/p>\n

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<\/a> brought in $55.2m.<\/p>\n

Management said it will keep buying crypto. ETH per share doubled over the year from 2 to 4.01.<\/p>\n

\n

\u201cOur strategy is designed to weather any market cycle. The goal is simple: to responsibly increase ETH per share and maximise treasury productivity,\u201d the company emphasised.<\/em><\/p>\n<\/blockquote>\n

SharpLink is the second-largest public holder of the world\u2019s second-biggest cryptocurrency.<\/p>\n

Sovereign reserves<\/h2>\n

Bhutan\u2019s authorities moved 175 BTC (about $11.85m) from their main crypto wallet.<\/p>\n

\n

Bhutan just moved another $11 Million of Bitcoin out of its main holding addresses.<\/p>\n

The last time they did this was 1 month ago, and they were selling $7 Million of BTC with QCP Capital.<\/p>\n

Bhutan periodically sells portions of its Bitcoin in clips of $5-10M, with a particularly\u2026 pic.twitter.com\/tBuz280bBe<\/a><\/p>\n

\u2014 Arkham (@arkham) March 9, 2026<\/a><\/p><\/blockquote>\n