BlackRock moved 5,847 Bitcoin worth approximately $450 million to Coinbase Prime on Tuesday, according to blockchain transaction data. The transfer was split into 20 separate transactions.
The sizable transfer quickly drew attention from crypto traders and analysts monitoring institutional wallet activity, largely because of BlackRock’s status as the world’s largest asset manager and ongoing swings in Bitcoin prices.
Bitcoin briefly slid to about $76,000 on Monday before recovering to nearly $77,000 at press time, per CoinGecko.
Coinbase Prime is the institutional custody and trading arm that BlackRock uses to manage the Bitcoin backing its iShares Bitcoin Trust, ticker IBIT. When BlackRock moves coins to Coinbase Prime, it doesn’t necessarily mean they’re about to sell on the open market. It could signal upcoming ETF redemptions, portfolio rebalancing, or operational housekeeping for a fund that has approached $63 billion in assets.
About 68% of professional investors surveyed by mid-2025 said they had already allocated or planned to access Bitcoin exposure specifically through exchange-traded products.
