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U.S. government-linked wallets have transferred approximately USD 103 million in Bitcoin and BNB, with the Bitcoin reaching Coinbase Prime, according to blockchain monitoring service Lookonchain.
The October 7 movements drew attention to the handling of federal crypto holdings. Coinbase Prime provides both custody and trading services, so the destination alone does not confirm a sale.
Lookonchain reported, citing EmberCN’s monitoring, that government-linked addresses transferred 833.6 BTC worth approximately USD 71.56 million. The same report tracked 40,285 BNB valued at roughly USD 31.63 million. Together, the reported valuations totaled about USD 103.19 million.
The assets followed different routes. The Bitcoin reached Coinbase Prime, while the BNB passed through several transactions before arriving at an address identified as 0xBE7…81E. Lookonchain’s report did not name the owner of that destination.
The reported amounts reflect valuations at the time of monitoring. They describe the value of the transferred tokens, rather than proceeds from a completed transaction involving a buyer.
Blockchain records show movements between addresses. They do not, by themselves, reveal whether an account holder intends to store assets, transfer them again or execute a trade. A deposit into a service offering trading facilities can also serve a custody purpose.
The U.S. Marshals Service selected Coinbase Prime in 2024 to handle certain large digital assets under its control. Coinbase said the arrangement covered custody and advanced trading services for assets managed in support of federal law enforcement.
The company described the covered holdings as the agency’s “Class 1” digital assets. That relationship provides context for transfers to Coinbase Prime, although the earlier agreement does not explain the purpose of the October 7 Bitcoin movement.
Lookonchain estimated that government-linked addresses still held approximately USD 28 billion in crypto assets after the transfers. Bitcoin accounted for most of that amount, with around 324,000 BTC valued at roughly USD 27.7 billion.
Those figures are blockchain tracking estimates, rather than a published federal balance sheet. The transferred Bitcoin represented approximately 0.26% of the reported BTC holdings. The combined Bitcoin and BNB movements equaled about 0.37% of the estimated crypto portfolio.
President Donald Trump signed Executive Order 14233 on March 6, 2025, establishing the Strategic Bitcoin Reserve and a separate United States Digital Asset Stockpile. The framework distinguishes eligible forfeited Bitcoin from other digital assets held by federal authorities.
The order directs the government to retain Bitcoin deposited into the reserve. It separately gives the Treasury secretary responsibility for managing the non-Bitcoin stockpile in accordance with applicable law. Government-linked wallet labels alone do not identify which assets have entered either account.
The framework also preserves exceptions for court orders, legal requirements and certain agency decisions. These include returning assets to verified crime victims, supporting law enforcement operations and sharing assets with state or local law enforcement partners.
The order requires agencies to account for digital assets in their possession, including details of custodial accounts needed to facilitate transfers. Its provisions distinguish assets eligible for federal retention from holdings subject to legal obligations or return to victims.
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