A dormant Bitcoin (BTC) wallet transferred 500 BTC, worth about $41.54 million, to Coinbase Prime after 10.7 years of inactivity.
Whale Alert flagged the transaction Tuesday evening, noting the stash had increased in value more than 212 times since 2016.
Meanwhile, blockchain analytics firm Arkham Intelligence attributed the wallet to Irish cannabis cultivator Clifton Collins, whose reported 6,000 BTC fortune has been the subject of Irish authorities’ recovery efforts.
Arkham says the 500 BTC was transferred to an address identified as a Coinbase Prime deposit wallet. Coinbase Prime provides institutional cryptocurrency trading and custody services.
Notably, the transaction marks the fifth 500 BTC movement from Collins-linked wallets in 2026, bringing the total moved this year to 2,500 BTC, Arkham reported.
Irish authorities recovered 500 BTC in March, followed by further recoveries in May and July. Another 500 BTC moved to Coinbase Prime in August, preceding Tuesday’s transaction.
However, the latest transfer does not show whether the Bitcoin was sold or who initiated it. Identifying the destination as a Coinbase Prime address also does not confirm that the coins were liquidated.
Collins, a former beekeeper from Dublin, accumulated approximately 6,000 BTC in late 2011 and early 2012 through his cannabis business, when Bitcoin traded at just a few dollars per coin.
He reportedly divided the holdings among 12 wallets, each containing 500 BTC, to protect his fortune from hackers. Collins printed the private keys on paper and hid them inside the aluminum cap of a fishing rod case at a rented property in County Galway.
In 2020, police arrested him after discovering cannabis in his car, after which he served five years in prison.
During his imprisonment, authorities cleared out the rented property, and the fishing rod case containing the keys was reportedly discarded. The missing keys left the Bitcoin inaccessible, turning the fortune into one of Ireland’s most notable cryptocurrency recovery cases.
Ireland’s Criminal Assets Bureau announced in March 2026 that it had accessed a previously inaccessible 500 BTC wallet with assistance from Europol’s European Cybercrime Center.
The latest movement adds to the series of transactions involving Collins-linked holdings, although the circumstances behind Tuesday’s transfer remain unclear.
Of note, the 2,500 BTC moved this year represents roughly 42% of the reported 6,000 BTC fortune, leaving approximately 3,500 BTC potentially remaining across the wider stash.
The transaction also comes amid renewed activity among other long-dormant Bitcoin holders. A separate wallet transferred 411.45 BTC, worth about $34 million, on Sunday after more than a decade of inactivity. Two other wallets moved a combined 417 BTC a day earlier.
These transfers have accelerated since September and continued into October, raising the possibility that some holders are preparing to sell, adjusting custody arrangements, or moving funds between wallets for security reasons.
At press time, Bitcoin was trading at $84,669, up 2.62% in the past 24 hours.