Bitcoin worth about $770 million was reportedly transferred to Coinbase Prime in two days, but the transaction does not show that the U.S. government sold it. Cointelegraph reported that 9,261 BTC moved on October 6–7, 2026, citing Galaxy Research’s blockchain analysis. The transfer’s purpose has not been confirmed by the government.
What was transferred, and when?
Cointelegraph reported that 9,261 BTC moved to Coinbase Prime over October 6–7, 2026. The outlet valued the reported total at approximately $770 million at the time. That dollar figure is a contemporaneous estimate, not an official government accounting. The report credited Galaxy Research with tracing the flows and said the U.S. Marshals Service and Department of Justice had been contacted for comment; it did not include confirmation from either agency about the transfer’s purpose. Cointelegraph
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Did the U.S. government sell the Bitcoin?
No sale is established by the reported transfer. A blockchain movement to a Coinbase Prime address shows that bitcoin was sent there; it does not, by itself, establish that the coins were sold or what the government intended to do with them.
In a July 2026 analysis of earlier government-linked deposits, Arkham described several possible reasons for movements to Coinbase Prime, including custody consolidation, internal portfolio management, and preparation for liquidation. Those possibilities do not establish which, if any, explains this October transfer. Coinbase Prime also provides institutional custody and other services. Arkham
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Where did the reported Bitcoin come from?
Cointelegraph attributed the source breakdown to Galaxy Research. The report said roughly half the transfer was bitcoin recovered from the Bitfinex hackers, with another portion tied to known Binance seizures. Galaxy also identified 2,456 BTC from holdings that had not previously been identified as government funds and suggested they could be new law-enforcement seizures.
The 2,456 BTC attribution is an analytics inference, not a publicly disclosed seizure record: the report describes previously unidentified holdings and a government seizure address, but does not establish a specific seizure or its circumstances. The breakdown has not been independently confirmed by an agency in the report. Cointelegraph
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Why move seized Bitcoin to Coinbase Prime?
Custody is one plausible explanation, but the reason for this transfer remains unknown. Cointelegraph reported that Coinbase Prime has served as a custody provider for U.S. Marshals Service seized assets since 2024. That relationship makes a custody transfer credible, but does not prove that the October movement was for custody rather than another purpose. U.S. Marshals Service
It helps to separate three kinds of evidence: the blockchain records the movement; analytics firms infer wallet ownership and the coins’ likely source; an agency can confirm official ownership, purpose, or disposition. In this case, the transfer and its reported analytics attribution are not the same as an official explanation.
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What does the Strategic Bitcoin Reserve order say?
The White House established the Strategic Bitcoin Reserve and the United States Digital Asset Stockpile by executive order on March 6, 2025. The order says the Reserve is to include qualifying bitcoin that has been finally forfeited and is held by the Treasury, subject to specified requirements and releases. It states: “Government BTC deposited into the Strategic Bitcoin Reserve shall not be sold and shall be maintained as reserve assets of the United States utilized to meet governmental objectives in accordance with applicable law.” White House executive order
The order separately addresses other forfeited digital assets in the Digital Asset Stockpile and recognizes exceptions and requirements involving lawful stewardship, court orders, victim returns, law-enforcement operations, equitable sharing, and applicable statutes. It does not establish that every bitcoin in the reported Coinbase Prime transfer had already been placed in the Reserve, so the transfer alone does not show a violation of the order.
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