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2w ago

BlackRock Routes $465 Million in Bitcoin and Ether to Coinbase Prime as ETF Outflows Swell

The firm is positioning a staked Ether ETF with SEC approval still unresolved.

BlackRock deposits $348M in Bitcoin and $117M in Ethereum to Coinbase Prime

Overview

  • On Nov. 21, BlackRock transferred about $348 million in Bitcoin and $117 million in Ether to Coinbase Prime to manage spot fund activity.
  • iShares Bitcoin Trust saw roughly $964 million in weekly redemptions, including a $523 million single-day withdrawal on Nov. 20, according to CoinCentral.
  • Blockonomi, citing Arkham data, reported deposits of 4,198 BTC and 43,237 ETH to Coinbase alongside net outflows of $355.5 million from BlackRock’s Bitcoin ETF and $122.6 million from its Ethereum ETF.
  • The flows are being handled through Coinbase’s institutional custody and trading platform, which BlackRock uses for storage and execution for its crypto ETFs.
  • BlackRock has registered an iShares Staked Ethereum Trust in Delaware to pursue a yield-bearing product, and any staking features remain subject to SEC approval.