US government moves $288M in crypto to Coinbase Prime

Wallets labeled as government-controlled moved 3,941 bitcoin and 30,007 ether into Coinbase Prime within an approximately eight-hour window. The combined value at the time of transfer was about $288.33 million. The transfers are visible on public blockchains and entered accounts on Coinbase Prime.

Coinbase Prime offers custody and institutional trading services and was selected by the U.S. Marshals Service in 2024 to support custody and advanced trading for large-cap digital assets. The platform’s custody and trading functions are separate operational capabilities that can support administrative consolidation or authorized disposition.

A March 2025 executive order established a Strategic Bitcoin Reserve and directs that Government-held bitcoin placed into the reserve “shall not be sold.” Reserve eligibility is limited: bitcoin must be finally forfeited and free of statutory constraints or permitted releases to be entered into reserve accounts. On-chain activity alone does not show whether the transferred bitcoin has been placed into reserve accounts; that status depends on off-chain legal, accounting and custodial records.

Finally forfeited non-bitcoin digital assets follow a different path. The executive order directs that such assets be placed in a U.S. Digital Asset Stockpile and requires the Treasury to set stewardship policies. The 30,007 ether moved to Coinbase Prime falls under that separate framework and may be subject to victim restitution, law enforcement needs, equitable sharing, court orders and other statutory obligations.

Evidence of a completed sale or conversion would come from a Treasury, Justice Department or U.S. Marshals Service statement; a court or forfeiture order authorizing disposition; or custodian records showing execution and the treatment of proceeds. Public records currently show only the transfers into Coinbase Prime. Clarifying documentation from agencies, courts or the custodian would be needed to determine legal status or the intended handling of the assets.