U.S. Government Moves Over $100M in Bitcoin and BNB
The U.S. government moved more than $100 million worth of Bitcoin and BNB on Tuesday, with part of the Bitcoin transferred to wallets linked to Coinbase Prime, according to blockchain data.
The transactions involved 833.6 BTC valued at around $71.6 million. The Bitcoin passed through two unidentified wallets before reaching addresses associated with Coinbase Prime, Coinbase’s institutional trading and custody platform.
The movement has drawn attention from crypto traders because deposits to exchange-linked wallets can sometimes signal an upcoming sale. However, no sale has been confirmed, and the government has not disclosed the purpose of the transfer.
Around 568.7 BTC of the Bitcoin was connected to assets forfeited in the case involving Sergei Potapenko and Ivan Turõgin, the former operators of crypto-mining company HashFlare. Prosecutors accused the pair of selling more than $577 million in mining contracts between 2015 and 2019 without having sufficient mining capacity behind them.
A federal court sentenced both men in August 2025 to the 16 months they had already spent in custody. Authorities said forfeited assets could be used to compensate victims.
The remaining 264.9 BTC was linked to the 2016 Bitfinex hack, when 119,754 BTC was stolen from the exchange. The Justice Department later sought the return of 94,643 BTC to Bitfinex, while the government continued transferring assets from the associated wallet.
The government also moved 40,285 BNB worth roughly $31.6 million. Those tokens were first sent to an unidentified wallet before being transferred again. Blockchain data links the BNB to assets seized from Alameda Research, the trading firm connected to the failed FTX exchange.
Despite the size of the transactions, a wallet transfer does not necessarily mean the assets are being sold. Coinbase Prime also provides custody services for the U.S. government, meaning the coins could simply have been moved into storage.
That distinction is important because previous government transfers to Coinbase have triggered concerns about potential market selling. In December 2024, the government moved 19,800 BTC worth about $1.92 billion from assets seized from Silk Road to Coinbase, after which Bitcoin fell more than 2% over the following 24 hours.
Government-held Bitcoin is now subject to a different framework following the creation of the Strategic Bitcoin Reserve in March 2025. Bitcoin that has been finally forfeited to the government is intended to form the foundation of the reserve and is not supposed to be sold. Assets connected to ongoing cases can remain outside the reserve until forfeiture is finalized.
BNB falls under the government's separate Digital Asset Stockpile. Those assets can be used in circumstances including victim compensation, law enforcement needs and other legal requirements.
The latest transfers represent only a small portion of Washington's crypto holdings. Research published in September estimated that the U.S. government controlled about 325,000 BTC, worth approximately $27 billion. That equals roughly 1.6% of Bitcoin's total supply and makes the United States the largest government holder, ahead of the United Kingdom and El Salvador.