The sequence so far
On July 13, 2026, the U.S. government moved roughly $297 million in seized crypto—Bitcoin and Ether—to Coinbase Prime, according to blockchain data shared by Galaxy Research Source. The transfers occurred in two tranches: an initial $8.8 million deposit, followed by $288.33 million three hours later. The larger deposit included 2,874.9 BTC (about $183.28 million) moved across Bitcoin blocks 957893 and 957894. The assets were drawn from separate cases, including the BTC-e exchange, drug trafficker Ryan Farace, and Brian Krewson, and were moved from a government-controlled address to Coinbase Prime as part of custody arrangements. Arkham Intelligence data underpins the two-deposit narrative and the two-block movement, framing this as an institutional custody operation rather than a routine public auction. The activity has been linked in reporting to a broader shift toward institutional custody for seized assets, a pattern commentators associate with ongoing policy developments. Alex Dovbnya.
The sequence raises questions about how the government is handling large sovereign holdings, and it aligns with the view that the U.S. is consolidating assets with major custodians as part of its custody framework.