BitMine and Bhutan have recently made significant cryptocurrency movements as the market rebounds, indicating strategic asset management.
As the cryptocurrency market begins to recover, significant asset movements have been reported from institutional investors and state holders, particularly BitMine Immersion Technologies and the government of Bhutan, according to Arkham Intelligence.
Recently, BitMine transferred approximately 9,600 ETH, valued at around $19.5 million, to hot wallets on the Coinbase Prime platform. This transfer occurred in two transactions of 5,300 ETH and 4,308 ETH, utilizing an intermediary address, a common practice for institutional storage. The move does not necessarily suggest an impending sell-off, as Coinbase Prime's custodial services may indicate portfolio rebalancing or staking activities.
Prior to this transfer, BitMine made a notable acquisition of 60,976 ETH, marking its largest weekly purchase in 2026, bringing its total holdings to over 4.5 million ETH. CEO Tom Lee commented on this strategy, noting that the cryptocurrency market is currently experiencing a "late stage mini-winter." Since October 2024, BitMine's portfolio value has plummeted from $16 billion to $2.25 billion, with an unrealized loss of approximately $7.8 billion attributed primarily to Ethereum's price decline rather than liquidation of assets.
Dominance of BitMine in Ethereum Holdings
BitMine leads among public entities holding Ethereum, with 4.47 million ETH, representing 3.7% of the total market supply. This amount significantly surpasses the reserves of the Ethereum Foundation, which are over 21 times less.
Bhutan's Bitcoin Transactions
Meanwhile, the government of Bhutan recently moved 175 BTC, worth about $11.85 million, from its primary cryptocurrency wallet. This transfer follows a similar action a month prior when Bhutan sold $7 million worth of Bitcoin through QCP Capital. The kingdom, which has been mining Bitcoin since 2019 using hydroelectric power, currently holds approximately 5,425 BTC, making it the seventh-largest Bitcoin holder globally.
Bhutan's mining operations have yielded around 13,000 BTC over five years, though profitability has waned since the 2024 halving. The government manages its crypto assets through Druk Holding and Investments, which also holds minor amounts of other cryptocurrencies, including ETH and meme tokens.
In December 2025, Bhutan allocated 10,000 BTC for a "city of awareness" project, showcasing its commitment to integrating cryptocurrency into its economic framework.
