BlackRock, the world's largest asset manager, has deposited 47,728 ETH and 544 BTC into Coinbase Prime, according to on-chain tracking data. The combined transfer is valued at an estimated $140 million or more at current market prices.
The Ethereum portion of the deposit is valued at roughly $95 million to $120 million, while the Bitcoin component adds an estimated $46 million to $52 million. Coinbase Prime is the institutional custody, trading, and prime brokerage arm of Coinbase and serves as the designated custodian for several major crypto ETF products, including those managed by BlackRock.
This deposit is consistent with BlackRock's ongoing ETF custody workflow. Coinbase Prime is the custodian for BlackRock's iShares Bitcoin Trust (IBIT), the largest spot Bitcoin ETF by assets under management, and the iShares Ethereum Trust (ETHA). IBIT has accumulated over $40 billion in BTC AUM since its launch, while ETHA has seen growing institutional interest since spot Ethereum ETF products received regulatory approval.
Large deposits from BlackRock-linked wallets to Coinbase Prime typically reflect ETF creation or redemption activity, or routine institutional rebalancing. These transfers are a standard operational step in the process where authorized participants work with BlackRock and Coinbase Prime to create new ETF shares backed by actual BTC or ETH held in custody.
This is not an isolated event. On-chain records show BlackRock has made multiple large transfers to Coinbase Prime in recent months, reflecting the operational demands of managing two of the largest spot crypto ETF products. The move comes as spot Bitcoin ETFs have seen two consecutive days of outflows, with total withdrawals across all funds worth over $90 million, while Bitcoin's price has stalled around the $70,000 level.
