US Government Transfers Seized Bitcoin to Coinbase Prime Amid Ongoing Policy Debate

The US government has made another significant movement in its handling of seized cryptocurrency, transferring 2.44 Bitcoin worth approximately $177,000 to Coinbase Prime.

This transfer, which took place in two separate transactions, originated from addresses identified as 'US Government: Glenn Olivio Seized Funds', pointing to a case involving alleged steroid distribution and money laundering.

The funds are linked to the arrest of Glenn Bradford Olivio and co-conspirator Dana Rene Light in May 2025 on charges including conspiracy to distribute anabolic steroids, money laundering, aggravated identity theft, and two counts of drug possession. The government included a forfeiture notice in the original indictment, a standard step when seizing cryptocurrency tied to alleged criminal activity.

This is not the first time government-linked wallets have seized Bitcoin in recent months. Similar transfers have been recorded from funds associated with Ross Ulbricht and Chen Zhi, among others. The US government currently holds approximately 328,000 Bitcoin worth over $22 billion, making it one of the largest single holders of the asset in the world.