The U.S. government transferred 140.214 Bitcoin, valued at approximately $8.79 million, to a Coinbase Prime deposit address on July 13, according to blockchain tracking data from Lookonchain. The transfer destination is a known government custody account at the exchange.
The deposit address has received seized cryptocurrency from prior enforcement actions. In 2024, the Department of Justice sentenced the founders of Samourai Wallet, a cryptocurrency mixing service, to prison terms of four and five years for money laundering and unlicensed money transmission. Bitcoin seized in that case and other enforcement operations has been held in U.S. government custody.
The government's Bitcoin holdings have grown substantially through seizures and forfeitures over the past decade. The Treasury Department and Department of Justice maintain strategic reserves of cryptocurrency acquired through criminal investigations and civil asset forfeiture. The specific origin of the 140 Bitcoin transferred to Coinbase Prime on July 13 has not been publicly disclosed by federal authorities.
Coinbase Prime, the exchange's institutional custody product, holds digital assets for government agencies, corporations, and hedge funds. Transfers to exchange-based custody accounts do not necessarily indicate imminent sales; institutions move assets between cold storage and exchange custody for various operational reasons, including account rebalancing, verification, or preparation for potential liquidation.
The U.S. government has sold portions of seized Bitcoin in the past. In 2021, federal authorities sold approximately 4,200 Bitcoin from the Silk Road seizure, generating roughly $215 million in proceeds. However, recent policy guidance from the Justice Department has emphasized holding cryptocurrency assets rather than liquidating them, citing potential appreciation and the strategic value of building reserves.
