On Dec. 5, 2025, BlackRock transferred roughly $120 million worth of Bitcoin and about $2.5 million worth of Ethereum to Coinbase Prime. The transfers mirror the asset manager’s routine adjustments of institutional crypto holdings tied to its spot products.
Coinbase Prime is an institutional platform that provides custody, compliance tools and high-volume trading services for large managers and funds. BlackRock has repeatedly used the platform to rebalance and manage crypto positions that support its ETFs and other client services.
The timing matched recent ETF flows: BlackRock’s spot Bitcoin ETF reported roughly $113 million in net outflows on Thursday, while its spot Ethereum ETF saw about $28 million in inflows. Market observers typically treat on-chain moves into custodial trading desks as operational steps for liquidity management, rebalancing or handling creations and redemptions related to ETF activity.