US moves $297M seized crypto to Coinbase
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- The US government transferred US$297 million in seized Bitcoin and Ether to Coinbase Prime.
- The move sparked speculation about a possible sale, but no sale has been confirmed.
- The transfers come despite a policy to keep seized Bitcoin in the Strategic Bitcoin Reserve.
The US government moved nearly US$297 million in seized Bitcoin (CRYPTO:BTC) and Ether (CRYPTO:ETH) to Coinbase Prime on July 13.
The transfers included 3,940 Bitcoin worth about US$244 million and 30,014 Ether worth about US$53 million.
"These coin movements were comprised of coins seized from Ryan Farace ('xanaxman') and defunct crypto exchange BTC-e," Galaxy Research head Alex Thorn said.
The Ether came from funds seized from Brian Krewson, while the Bitcoin was linked to the BTC-e and Ryan Farace criminal cases.
The transfers raised questions about a possible sale, but Coinbase Prime also provides custody services, so the deposits do not confirm the assets will be sold.
President Donald Trump's March 2025 executive order said seized Bitcoin should form part of the Strategic Bitcoin Reserve instead of being sold.
Arkham estimates US government-linked wallets still hold about US$20.6 billion in digital assets, including roughly 325,000 Bitcoin and 28,000 Ether.
At the time of reporting, Bitcoin price was $62,787.95.
