Important points
- BlackRock deposited $348 million in Bitcoin and $117 million in Ethereum into Coinbase Prime on Friday.
- The transfer is related to BlackRock’s management of the Spot Bitcoin and Ethereum ETF.
Today, BlackRock, one of the world’s leading asset management companies, deposited $348 million in Bitcoin and $117 million in Ethereum into Coinbase Prime, an institutional cryptocurrency storage and trading platform.
This transfer is part of BlackRock’s ongoing portfolio management efforts for Spot Bitcoin and Ethereum ETFs. Amid recent ETF outflows, asset management companies are actively moving their crypto holdings to Coinbase Prime.
BlackRock’s iShares Bitcoin Trust (IBIT) saw more than $355 million out of the fund on November 20, according to Pharcyde Investors. With Tuesday’s record $523 million in withdrawals, weekly outflows now stand at about $964 million.
Coinbase Prime provides secure storage, trading, and lending services to institutional customers managing digital assets. The platform has received significant deposits from major corporations as traditional finance continues to integrate cryptocurrencies into their investment strategies.