The US authorities moved almost $300 million in seized Bitcoin and Ether to Coinbase Prime on Monday, renewing hypothesis that the belongings may very well be bought.
Knowledge from Arkham exhibits 3,940 Bitcoin (BTC) (value $243.95 million) and 30,014 Ether (ETH) (value $53.09 million) have been despatched to Coinbase Prime on Monday. The funds have been linked to a number of high-profile US authorities crypto seizures.
“These coin actions have been comprised of cash seized from ryan farace (“xanaxman”) and defunct crypto alternate btc-e,” mentioned Galaxy Analysis head Alex Thorn, referring to the Bitcoin actions. The Ether is linked to Brian Krewson, an Oracle worker implicated in a $54 million crypto storage and cash laundering scheme.
The transfers have drawn consideration as a result of a sale would seem to battle with US President Donald Trump’s March 2025 govt order, which mentioned Bitcoin seized by the US authorities ought to kind a part of the Strategic Bitcoin Reserve and shouldn’t be bought.
Nevertheless, the deposits don’t affirm a sale, as Coinbase Prime offers establishments with custody, buying and selling, financing and staking companies, which means the transfers might merely replicate asset consolidation.
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Though the US authorities has beforehand transferred cryptocurrency to Coinbase Prime, Monday’s switch was one of many largest from government-linked wallets this 12 months.
In June, a US government-linked pockets moved 98,589 Chainlink (LINK) tokens to the platform, with the funds traced to belongings seized from FTX and Alameda Analysis. In April, round 8.2 Bitcoin tied to the 2016 Bitfinex hack was despatched to Coinbase Prime.
US government-linked wallets are estimated to nonetheless maintain $20.6 billion in crypto, together with round 325,000 BTC, 28,000 ETH, 146 million USDT and 750 Wrappd Bitcoin (WBTC).
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