I noticed an interesting movement on the chain — Bitmine transferred about 9.6 thousand ETH to an institutional custody wallet. The amount comes to nearly $19.5 million. Two separate transactions went through on Tuesday via intermediary wallets, which is typical for large custodial operations.

A transfer like this by itself does not mean a sale. It could be a rebalancing, preparation for staking, or simply a restructuring of the treasury. What’s interesting is that the company has just finished the largest weekly Ethereum purchase in 2026—buying 60,976 ETH last week, bringing total holdings above 4.5 million tokens. Thomas Lee, the company’s chairman, believes that cryptocurrency is in the final stage of a mini crypto winter, so they are stepping up accumulation.

According to Arkham, Bitmine’s portfolio reached a peak of around $16 billion in October 2024, but has now fallen to roughly $2.25 billion. This reflects the decline in the Ethereum price more than large-scale selling. The company itself is sitting on paper losses of about $7.8 billion. Ethereum is currently trading at around $2.29 thousand, up 2.21% over the last day. If the trend is confirmed, such movements in assets could help bring Bitmine’s portfolio to a more optimal allocation and prepare the position for potential growth.