US government-labeled wallets move 9,261 BTC ($770M) to Coinbase Prime, Galaxy says
In brief
- Galaxy Research tracked 9,261 BTC, worth $770 million, moving to Coinbase Prime over two days.
- Bitfinex hackers' funds made up half; another portion came from known Binance seizures.
- Previously unknown holdings supplied 2,456 BTC, which Galaxy said may be new seizures.
- Strategic Bitcoin Reserve should receive seized Bitcoin under a March 2025 executive order.
- US Marshals Service and DOJ had not commented when Cointelegraph published.
Where the coins came from
Most of the transfer traces back to cases that are already public, based on Galaxy Research's breakdown as reported by Cointelegraph. Half of the 9,261 BTC was recovered from the Bitfinex hackers. Another portion came from known Binance seizures. Per the report, the coins stem from asset seizures tied to previous crypto exploits.
The rest is the interesting part.
Galaxy said an additional 2,456 BTC originated from previously unknown holdings and was sent to the US government's seizure address on Coinbase Prime. The firm said those coins may represent new law enforcement seizures. That's a "may," not a confirmation, and it's Galaxy's on-chain read rather than anything officials have said.
Custody, not a sale
The destination itself isn't new. Coinbase Prime has been the custody provider the US Marshals Service has used for seized assets since 2024.
Earlier movements from the government-labeled wallet (a label that comes from on-chain tracking, not from officials) sparked speculation about possible liquidations. A sale would run into policy, though. President Donald Trump's March 2025 executive order specified that seized Bitcoin shouldn't be sold and should become part of the Strategic Bitcoin Reserve.
It's not the first transfer like this either. In July, the US government moved $297 million in Bitcoin and Ether to Coinbase Prime, with funds from high-profile government crypto seizures.
No official word yet
Cointelegraph contacted the US Marshals and the Department of Justice for comment on the transfers, and neither had commented when the report was published. Until they do, the Galaxy breakdown is the best public account of what moved and why, and it hasn't been officially confirmed.
Frequently asked questions
Is the US government selling the Bitcoin it moved to Coinbase Prime?
Nothing official says so. Earlier movements from the government-labeled wallet sparked speculation about liquidations, but a sale would conflict with President Trump's March 2025 executive order. That order specified seized Bitcoin shouldn't be sold and should become part of the Strategic Bitcoin Reserve.
Where did the 2,456 BTC of previously unknown holdings come from?
Galaxy Research said the 2,456 BTC came from previously unknown holdings and was sent to the US government's seizure address on Coinbase Prime. Galaxy said the coins may represent new law enforcement seizures. Officials haven't confirmed this.
