US government moves $297M in seized Bitcoin, Ether to Coinbase Prime
The transfers have raised questions over Trump’s Bitcoin reserve pledge, though deposits to Coinbase Prime do not confirm an impending sale.
The transfers have raised questions over Trump’s Bitcoin reserve pledge, though deposits to Coinbase Prime do not confirm an impending sale. The US government moved nearly $300 million in seized Bitcoin and Ether to Coinbase Prime on Monday, renewing speculation that the assets could be sold. Data from Arkham shows 3,940 Bitcoin (BTC) (worth $243.
95 million) and 30,014 Ether (ETH) (worth $53.09 million) were sent to Coinbase Prime on Monday. The funds were linked to several high-profile US government crypto seizures.
“These coin movements were comprised of coins seized from ryan farace (“xanaxman”) and defunct crypto exchange btc-e,” said Galaxy Research head Alex Thorn, referring to the Bitcoin movements. The Ether is linked to Brian Krewson, an Oracle employee implicated in a $54 million crypto storage and money laundering scheme. The transfers have drawn attention because a sale would appear to conflict with US President Donald Trump’s March 2025 executive order, which said Bitcoin seized by the US government should form part of the Strategic Bitcoin Reserve and should not be sold.
However, the deposits do not confirm a sale, as Coinbase Prime provides institutions with custody, trading, financing and staking services, meaning the transfers may simply reflect asset consolidation. Related: US Bitcoin reserve hits snag as federal agencies debate for control: Bloomberg Although the US government has previously transferred cryptocurrency to Coinbase Prime, Monday's transfer was one of the largest from government-linked wallets this year. In June, a US government-linked wallet moved 98,589 Chainlink (LINK) tokens to the platform, with the funds traced to assets seized from FTX and Alameda Research.
In April, around 8.2 Bitcoin tied to the 2016 Bitfinex hack was sent to Coinbase Prime. US government-linked wallets are estimated to still hold $20.
6 billion in crypto, including around 325,000 BTC, 28,000 ETH, 146 million USDT and 750 Wrappd Bitcoin (WBTC). Magazine: Bitcoin nearing late stages of bear market: Jamie Coutts, Real Vision
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