The US government transferred nearly $300 million in seized Bitcoin and Ether to Coinbase Prime on Monday, reigniting debate about whether it plans to sell the assets. Data from Arkham Intelligence shows 3,940 Bitcoin (BTC), worth about $243.95 million, and 30,014 Ether (ETH), valued at roughly $53.09 million, were moved to the institutional platform.
Assets linked to major seizures
Galaxy Research head Alex Thorn noted that the Bitcoin came from seizures involving Ryan Farace, known as "xanaxman," and the defunct crypto exchange BTC-e. The Ether was tied to Brian Krewson, an Oracle employee implicated in a $54 million crypto storage and money laundering scheme. The transfers are among the largest from government-linked wallets this year.
Implications for Trump's Bitcoin reserve pledge
The move raises questions because a sale would appear to conflict with President Donald Trump's March 2025 executive order, which directed that seized Bitcoin be held in a Strategic Bitcoin Reserve and not sold. However, deposits to Coinbase Prime do not confirm an impending sale, as the platform offers custody, trading, and staking services, meaning the transfers may simply reflect asset consolidation.
US government-linked wallets still hold an estimated $20.6 billion in crypto, including roughly 325,000 BTC, 28,000 ETH, 146 million USDT, and 750 Wrapped Bitcoin (WBTC).