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US wallets send $288M in BTC and ETH to Coinbase Prime
The transfer involved 3,941 BTC and 30,007 ETH over about eight hours, with the custody and future handling unclear under a March 2025 order that limits selling for Strategic Bitcoin Reserve assets.
CryptoSlate reports that U.S. government-tagged wallets transferred 3,941 BTC and 30,007 ETH to Coinbase Prime over roughly eight hours. Arkham, as cited by the outlet, valued the combined transfer at about $288.33 million. The outlet notes that Coinbase Prime has been selected by the U.S. Marshals Service for custody and advanced trading services for large-cap digital assets, meaning the same platform can support multiple government-linked activities. That setup leaves open whether the assets are only being held under custody, administered, or later disposed through authorized sales.
The March 2025 executive order discussed by CryptoSlate says Government BTC deposited into the Strategic Bitcoin Reserve shall not be sold. However, the report says reserve status is determined by legal and accounting records, and it applies to a narrower pool than all crypto controlled by federal agencies.
CryptoSlate adds that public evidence currently ends at the deposit into Coinbase Prime, and proof of a completed sale would require additional confirmation, such as statements from Treasury or the Justice Department, forfeiture or court records, or custodian records showing execution and treatment of proceeds. The outlet also says reserve-preserved pathways could include needs like victim restitution, law enforcement, equitable sharing, and other statutory obligations, and that separate treatment is described for ETH under the executive order.
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