BlackRock’s Strategic Bitcoin Shift: $429M Transfer to Coinbase Prime

In a surprising move, BlackRock has transferred 4,113 BTC, valued at approximately $429.4 million, to Coinbase Prime. This transaction, originating from wallets associated with its iShares Bitcoin Trust, represents a significant deviation from the firm’s consistent Bitcoin accumulation strategy since the launch of its ETF. Market observers have noted that despite the sizable transfer, there has been no confirmation of actual sales, and Bitcoin’s price has remained stable. This development has sparked discussions about BlackRock’s evolving cryptocurrency strategy and its potential implications for the broader market.

BlackRock Shifts Bitcoin Strategy with $429M Transfer to Coinbase

BlackRock has disrupted its pattern of Bitcoin accumulation by transferring 4,113 BTC, worth approximately $429.4 million, to Coinbase Prime. The transaction, originating from wallets tied to its iShares Bitcoin Trust, marks a notable departure from the firm’s consistent buying trend since the ETF’s launch.

Market observers noted the absence of confirmed sales despite the sizable transfer. Bitcoin’s price remained stable post-transaction, with no discernible impact on liquidity or volatility. The move has fueled speculation about institutional strategies in the evolving crypto custody landscape.

Coinbase Seeks Federal Jurisdiction Over Oregon Securities Lawsuit

Coinbase is pushing to MOVE Oregon’s lawsuit alleging the sale of unregistered securities to federal court, arguing state intervention disrupts federal regulatory clarity. The exchange contends Oregon’s action conflicts with bipartisan efforts to establish uniform digital asset rules.

The filing accuses Oregon Attorney General Dan Rayfield of overreach, framing the lawsuit as an attempt to bypass federal enforcement decisions. "This is a regulatory land grab," Coinbase stated, criticizing Oregon’s unilateral move to shape crypto trading standards.

Notably, the lawsuit revives claims dismissed by the SEC in February following a $1 million donation from Coinbase to former President Trump’s inaugural committee. The timing raises questions about political motivations behind state-level enforcement actions.