US Government Transfers $288 Million in Seized Bitcoin and Ether to Coinbase Prime
The U.S. government has moved approximately $288 million in seized bitcoin and ether to Coinbase Prime, according to CoinDesk. This transfer appears to contradict a prior executive order by President Donald Trump that aimed to designate seized bitcoin for a Strategic Bitcoin Reserve and prohibited its sale.
On July 14, 2026, U.S. government wallets transmitted about $288 million in seized cryptocurrency, specifically bitcoin and ether, to Coinbase Prime. While the ether transfer went directly to the exchange, the bitcoin was first routed through new intermediary wallets.
This transfer raises questions since it conflicts with a March 2025 executive order issued by then-President Donald Trump, which instructed that seized bitcoin should be allocated to a Strategic Bitcoin Reserve and explicitly forbade their sale. Nonetheless, experts view these transfers as potential preparations for future sale actions, despite constituting a small fraction of the government's total crypto holdings, estimated at approximately $20.65 billion.
Specifically, a wallet related to Ryan Farace, known for involvement in a significant case, moved 2,875 BTC (valued at around $178 million) to a new address that promptly forwarded these coins to Coinbase Prime. Concurrently, a wallet linked to the now-defunct exchange BTC-e transferred 925.512 BTC (around $57 million) in a similar manner. Notably, the ether was directly sent from a wallet associated with Brian Krewson, part of a laundering scheme, totaling 30,007 ETH valued at approximately $53.09 million.
While the transfers to Coinbase Prime could be used for custody or internal management, using an exchange typically suggests preparations for a sale or conversion to stablecoins, particularly since large volumes of cryptocurrency are generally held in colder storage for security. According to Arkham blockchain data, the government has retained significant holdings, which include 324,552 BTC, 28,394 ETH, and 145.549 million USDT, meaning this latest transfer is minor relative to their overall portfolio.
Summary based on original reporting by Shaurya Malwa at CoinDesk, originally published Jul 14, 2026. SolanaWire does not republish source content.
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