US Government Transfers Nearly $2B in Bitcoin to Coinbase, Arkham Data Reveals

On April 2, 2024, the U.S. government executed a transaction involving nearly $2 billion in bitcoin (BTC), channeling the assets to Coinbase Prime, as Arkham Intelligence’s data reveals. The transfer comprised 30,174.70 BTC, successfully processed at block height 837,413, incurring a minimal fee of $1.57. In recent years, the U.S. has accumulated a noteworthy collection of BTC through the resolution of high-profile cases, including assets from the Silk Road, the Bitfinex Hack, and the James Zhong case. The previous instance of such a transfer by federal authorities was on Dec. 7, 2023, following an earlier move on June 22, 2023. This development occurred as BTC experienced a 4.7% decrease on Tuesday, dipping below the $66,000 threshold. At press time (1:10 p.m. ET on April 2), the U.S. government still holds 215,246 BTC worth $14 billion and 50,147 ETH worth $163 million.