US government transfers 3,940 Bitcoin to Coinbase Prime
On June 26, the U.S. government transferred 3,940 bitcoins worth $241 million to Coinbase Prime, a trading platform for institutional investors. These bitcoins were originally seized from drug smuggler Banmeet Singh, who was arrested in London in 2019 and extradited to the U.S. in 2023. Singh had to hand over more than 8,100 bitcoins, which were worth about $150 million at the time.
US government owns 214,000 Bitcoin as largest national Bitcoin reserve
Despite the significant transfer, it represents only a small portion of the U.S. government's bitcoin holdings. In total, the U.S. government owns around 214,000 bitcoin worth over $13 billion, making it the largest national bitcoin reserve in the world. These holdings come primarily from seizures related to the Silk Road marketplace, an illegal online marketplace, and the 2016 Bitfinex hack, a cryptocurrency theft.
Possible sale of Bitcoin reserves
The transfer to Coinbase Prime suggests that the government may intend to sell some of its Bitcoin reserves. However, the amount transferred is small compared to Bitcoin's daily trading volumes. The government still retains the majority of its holdings, which have since increased significantly in value.
The Bitcoin miner for your desk
