Tom Lee’s Bitmine sends 5,300 ETH worth $11M to Coinbase, possibly for staking

Bitmine Immersion Technologies (BMNR), the publicly traded Ethereum treasury firm chaired by Fundstrat co-founder Thomas “Tom” Lee, moved 5,300 $ETH valued at approximately $11 million to Coinbase Prime today in a move that may signal plans to stake the funds, according to Arkham Intelligence data.

A transfer to Coinbase Prime does not necessarily mean the assets are about to be sold. Coinbase Prime is an institutional platform that provides custody, trading, and staking services, meaning deposits can be tied to a variety of treasury or portfolio management strategies.

Bitmine announced Monday total holdings of $10.3 billion across crypto assets, cash, and venture-style “moonshot” investments, including 4.5 million $ETH, 195 BTC, and $1.2 billion in cash.

Over 3 million $ETH, worth roughly $6 billion, has been staked, producing major annualized staking revenue as the company advances its MAVAN validator network set for launch in early 2026.

The company now owns approximately 3.8% of Ethereum’s circulating supply and is on track to reach the “Alchemy of 5%” accumulation target.

Le said in a statement that Ethereum showed resilience despite macro uncertainty and rising oil prices. According to him, $ETH is closely tracking historical S&P 500 moves in 2011 and 1987, which could indicate a potential bottom between March 8 and March 14 near $1,740.

$ETH was hovering around $2,000 at press time, up 3% in the last 24 hours, per CoinGecko.