Grayscale Shuffles Bitcoin, Sends Another $209M Worth Of BTC To Coinbase

Key Points:

• Grayscale moved 4,018.2 BTC, worth roughly US$209 million, to the Coinbase Prime Deposit.
• They also transferred 821.1 BTC to a new speculated custody address.

According to Arkham, Grayscale shuffles Bitcoin with a new transfer of 4,018.2 BTC (~US$209M) to Coinbase Prime Deposit and 821.1 BTC to a new custody address.

Throughout February, Grayscale was involved in numerous Bitcoin transactions of note. On February 16, according to a report by Arkham, Grayscale moved a substantial amount of 4,018.2 BTC, estimated to be worth approximately US$209 million, to the Coinbase Prime Deposit.

Grayscale Shuffles Bitcoin holdings

Along with this sizeable transfer, they also shifted 821.1 BTC to a new address, which is speculated to be Grayscale’s new custody address, providing a secure location for its digital assets.

In addition to this, on February 13, CoinCu reported that Grayscale transferred another significant amount of 878.2 BTC, valued at approximately US$43 million, to the same address of Coinbase Prime Deposit.

This was closely followed by another transfer on February 12, where Grayscale moved 2,044 Bitcoins, equivalent to approximately $98 million, to the Coinbase Prime Deposit address, as reported by CoinCu.

Adding these transactions together, it’s evident that Grayscale has transferred a total of 6,940.4 BTC, worth an estimated US$360 million, to Coinbase Prime in just the first two weeks of February.

Readmore: Grayscale GBTC Sold Over 150,000 BTC Since Spot Bitcoin ETF Launch

Is the SEC’s Delay on Grayscale’s Ethereum ETF Justified?

Earlier in January, CoinCu reported that Grayscale deposited 6,534 Bitcoins (BTC) to Coinbase Prime, a transaction valued at approximately US$274.9 million.

In a related news, the U.S. Securities and Exchange Commission (SEC), the regulatory body for securities in the United States, has decided to postpone its verdict on the Grayscale spot Ethereum ETF.