As the cryptocurrency market recovers, institutional investors and state holders have begun actively moving their "digital reserves." This is evidenced by data from Arkham Intelligence.

BitMine Immersion Technologies transferred approximately 9,600 ETH (around $19.5 million) to hot wallets on the Coinbase Prime platform.

Source: Arkham.

The assets were sent in two batches of 5,300 ETH and 4,308 ETH via an intermediary address. This routing is standard practice for institutional cryptocurrency storage.

Transferring assets to Coinbase Prime does not necessarily indicate preparations for a sell-off. Since the platform offers custodial services, the movement of coins may be related to portfolio rebalancing, participation in staking, or managing collateral.

Shortly before this, BitMine acquired 60,976 ETH, marking the company's largest weekly purchase in 2026. It now holds over 4.5 million coins on its balance sheet.

CEO Tom Lee explained the accumulation of positions by stating that the cryptocurrency market is in a "late stage mini-winter."

According to Arkham, since October 2024, the value of BitMine's portfolio has dropped from a peak of $16 billion to $2.25 billion. This decline is attributed to the falling price of Ethereum rather than liquidation of reserves. The company's unrealized loss is estimated at $7.8 billion, a record low among crypto treasuries.

Source: Artemis Analytics.

At the time of writing, the asset is trading near $2,065, having increased by 3.2% over the past day.

Hourly chart ETH/USDT on Binance. Source: TradingView.

Monopoly Among Ethereum Treasuries

A total of 68 public companies and organizations hold 7.21 million ETH valued at $14.61 billion, which is equivalent to 5.96% of the asset's market supply.

Source: Strategic ETH Reserve.

Leading the ranking is BitMine, which holds 4.47 million ETH (3.7%). Notably, the platform's reserves exceed those of the Ethereum Foundation by more than 21 times.

Source: Strategic ETH Reserve.

SharpLink Stays Strong

SharpLink's net loss for 2025 amounted to $734.6 million, primarily due to the downturn in the cryptocurrency market in the second half of the year.

The majority of the losses stemmed from an unrealized loss of $616.2 million from the revaluation of reserves, which include 868,699 ETH. Additionally, the company lost $140.2 million due to asset depreciation when converting locked coins.

SharpLink's total revenue for the year increased by 659% — from $3.7 million to $28.1 million. In the fourth quarter, revenues from digital asset placements rose by 48.5%, reaching $15.3 million; for the entire year, liquid staking generated $55.2 million for the firm.

SharpLink's management stated that they will continue to purchase cryptocurrency. The volume of Ethereum per share doubled over the year — from 2 to 4.01 ETH.

"Our strategy is designed to successfully navigate any market cycles. The goal is simple: to responsibly increase the share of ETH per share and maximize treasury productivity," the company emphasized.

SharpLink is the second-largest public holder of the second-largest cryptocurrency by market capitalization.

Government Reserves

The authorities of Bhutan transferred 175 BTC (approximately $11.85 million) from their main cryptocurrency wallet.

Bhutan just moved another $11 Million of Bitcoin out of its main holding addresses.

The last time they did this was 1 month ago, and they were selling $7 Million of BTC with QCP Capital.

Bhutan periodically sells portions of its Bitcoin in clips of $5-10M, with a particularly… pic.twitter.com/tBuz280bBe

— Arkham (@arkham) March 9, 2026

The coins were sent to an address created a month ago. Previously, this wallet had received 184 BTC from the government, which were then transferred to another account. The new 175 BTC remain untouched.

According to Arkham, Bhutan regularly sells cryptocurrency in batches of $5-10 million. For instance, in February, the kingdom liquidated assets worth $7 million through trading company QCP Capital.

The kingdom has been mining since 2019, utilizing the power of local hydroelectric plants. Over five years, the country has mined approximately 13,000 BTC. However, following the 2024 halving, profitability has decreased due to rising costs.

Currently, Bhutan's cryptocurrency reserves are estimated at 5,425 BTC, making it the seventh-largest holder of Bitcoin in the world.

Source: Arkham.

In comparison, the leading holder, the U.S. government, has 328,372 BTC (around $22 billion).

Source: BitcoinTreasuries.

The sovereign fund Druk Holding and Investments manages the government assets. In addition to Bitcoin, it holds small amounts of other coins, including 28 ETH and 28 meme tokens KiboShib.

Recall that in December 2025, Bhutan allocated 10,000 BTC for the construction of a "city of awareness."

In March 2026, Culper Research opened short positions on Ethereum and BitMine stocks.