Coinbase shares rose 6% to $331.60 despite crypto market weakness, boosted by BlackRock’s $244 million deposit into Coinbase Prime custody.
By Ibrahim Ajibade
Editor Marco T. Lanz
Updated
2 mins read
Coinbase price made a positive start to the week with a 6% rebound on Monday, Sept. 29, despite persistent bearish headwinds dominating the crypto market since the US Federal Reserve’s rate cut on Sept.
Shares of the crypto exchange giant climbed to an intraday high of $334.38 before settling at $333.99, representing a 6.85% gain and pushing the company’s market capitalization to $85.81 billion. Market analysts frequently track COIN’s movements as a barometer for broader institutional appetite in digital assets.
Coinbase (COIN) Stock Price Rallies 6% on Monday Sept 29, 2025 | Source: Google
On-chain analytics platform Lookonchain flagged large transactions from wallets linked to BlackRock on Monday.
According to Lookonchain, BlackRock deposited 49,607.8 ETH worth $206.17 million and 340.5 BTC valued at $38.18 million into Coinbase Prime. The firm had executed a similar move earlier in September, depositing 4,538 ETH while receiving 293.6 BTC, signaling the transactions could be linked to routine portfolio adjustments.
BlackRock just deposited 49,607.8 $ETH($206.17M) and 340.5 $BTC($38.18M) to #CoinbasePrime an hour ago.https://t.co/qmuDIrPHc6 pic.twitter.com/FoRPYa58GY
— Lookonchain (@lookonchain) September 29, 2025
FarsideUK data shows the asset manager holds roughly 60,818 BTC valued near $86 billion and 13,158 ETH worth $16 billion via its spot ETF offerings on Sept. 29.
As new entrants like US Bancorp or State Street move to encroach custody services market share, BlackRock’s latest transactions reaffirm confidence in Coinbase Prime’s infrastructure.
Coinbase’s rally amid BlackRock’s high-profile deposits mirrors positive traction around early-stage projects like Best Wallet (BEST).
Best Wallet is a multi-chain storage solution designed with institutional-grade security and positioned to disrupt the $11 billion non-custodial wallet market.
Best Wallet Presale
At press time, Best Wallet’s presale has raised more than $16.1 million. With just over 24 hours until the next price tier unlocks, investors can still purchase tokens at $0.0257 through the official website, securing early-holder benefits before the next round.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Ibrahim Ajibade is a seasoned research analyst with a background in supporting various Web3 startups and financial organizations. He earned his undergraduate degree in Economics and is currently studying for a Master’s in Blockchain and Distributed Ledger Technologies at the University of Malta.
