Key Takeaways
- BlackRock deposited $348 million in Bitcoin and $117 million in Ethereum to Coinbase Prime on Friday.
- The transfers are related to BlackRock’s management of its spot Bitcoin and Ethereum ETFs.
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Today BlackRock, a leading global asset management firm, deposited $348 million in Bitcoin and $117 million in Ethereum into Coinbase Prime, an institutional crypto custody and trading platform.
The transfers are part of BlackRock’s ongoing portfolio management activities for its spot Bitcoin and Ethereum ETFs. The asset manager has been actively moving crypto holdings to Coinbase Prime amid recent ETF outflows.
The iShares Bitcoin Trust (IBIT) from BlackRock saw over $355 million exit the fund on November 20, according to Farside Investors. Weekly outflows now total around $964 million, driven by Tuesday’s record $523 million withdrawal.
Coinbase Prime provides secure custody, trading, and financing services for institutional clients managing digital assets. The platform has been receiving substantial deposits from major firms as traditional finance continues integrating crypto into investment strategies.