According to @lookonchain, BlackRock deposited 4,471 BTC valued at approximately $390.8M to Coinbase Prime on Nov 25, 2025, with the transaction referenced via an Arkham Intelligence entity link for BlackRock, source: @lookonchain; source: Arkham Intelligence. Arkham Intelligence attributes the sending wallets to the BlackRock entity, providing on-chain labeling that ties the transfer to BlackRock, source: Arkham Intelligence. Coinbase Prime is Coinbase’s institutional platform for trade execution, custody, and OTC settlement for asset managers, so such inflows position additional BTC inventory within an exchange-affiliated institutional venue rather than necessarily the public spot order book, source: Coinbase Institutional. BlackRock is the sponsor of the iShares Bitcoin Trust (IBIT), which lists Coinbase Custody Trust Company as custodian, contextualizing BlackRock’s operational linkage to Coinbase’s institutional infrastructure without implying a use case for this specific transfer, source: BlackRock; source: Coinbase Institutional.