A $177,000 Bitcoin transfer raises a bigger question: is the US government still holding seized crypto?

The US government transferred 2.44 Bitcoin worth $177,000 to a Coinbase Prime address this week, reigniting scrutiny over its handling of seized cryptocurrency. The funds came from wallets labeled as seized assets tied to Glenn Bradford Olivio, arrested in May 2025 alongside Dana Rene Light on charges including conspiracy to distribute anabolic steroids and money laundering. The two-part transaction landed in Coinbase Prime — the exchange’s institutional platform frequently used by the US Marshals Service for custody or liquidation of digital assets. That destination matters. Treasury Secretary Scott Bessent stated in January that all sales of seized Bitcoin had been halted. The administration, he said, is instead stockpiling the asset under a 2025 executive order establishing a Strategic Bitcoin Reserve. Moving seized coins to Coinbase Prime, a known liquidation channel, suggests possible policy divergence — or at least operational ambiguity. While the amount is negligible in dollar terms, the signal is not. Similar transfers have recently emerged from seized wallets linked to Ross Ulbricht, Chen Zhi, and Miguel Villanueva. The US government now holds approximately 328,000 Bitcoin, worth over $22 billion. What it does with that stash — holds, sells, or moves — shifts market expectations each time.