BlackRock deposits $186M in Bitcoin to Coinbase Prime

BlackRock, the world’s largest asset manager, deposited $186 million worth of Bitcoin to Coinbase Prime today, continuing its active management of spot crypto ETF operations.

The transfer reflects BlackRock’s ongoing portfolio adjustments for its Bitcoin ETF products. The asset manager has been regularly depositing Bitcoin into Coinbase Prime, a institutional custody platform, to facilitate ETF management during periods of market activity.

Such institutional transfers to Coinbase Prime typically indicate responses to redemptions in BlackRock’s Bitcoin ETF. The fund has experienced uneven flows recently, including $137 million in net outflows last week.