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WBTC The U.S. government transferred nearly $300 million worth of seized bitcoin and Ethereum to Coinbase Prime this week, once again triggering market speculation that the assets may be sold. Online data shows that the transfer includes 3940 bitcoins (approximately US$243.95 million) and 30014 Ethereum (approximately US$53.09 million), all of which are related to several high-profile U.S. government cryptocurrency seizures.
Alex Thorne, director of research at Galaxy Research, pointed out that these bitcoin transfers involved assets seized from "Xanaxman" Ryan Faras and the defunct cryptocurrency exchange BTC-E. Ethereum is linked to Oracle employee Brian Kruson, who was involved in a case involving $54 million in cryptocurrency storage and money laundering.
The transfer attracted attention because if the U.S. government chose to sell these assets, it could conflict with the executive order signed by U.S. President Donald Trump in March 2025-which stipulated that bitcoins seized by the U.S. government should be included in the "strategic bitcoin reserve" and cannot be sold. However, depositing cryptocurrency into Coinbase Prime is not the same as confirming the sale, because the platform provides custody, trading, financing and pledge services to institutions, and this transfer may only reflect asset collection operations.
Although the U.S. government has previously transferred cryptocurrency to Coinbase Prime, this transfer is one of the largest operations from government-linked wallets this year. In June this year, a U.S. government-affiliated wallet transferred 98589 Chainlink tokens to the platform, which were traced to assets seized from FTX and Alameda Research; in April of the same year, approximately 8.2 bitcoins related to the 2016 Bitfinex hack were also sent to Coinbase Prime.
It is estimated that the U.S. government's associated wallets still hold approximately US$20.6 billion in cryptocurrencies, including approximately 325,000 bitcoins, 28,000 Ethereum, 146 million USDTs and 750 encapsulated bitcoins (WBTC).
