Published On: Thu, 15 Aug 2024 06:32:40 GMT

US govt sends $594m Bitcoin to Coinbase

The U.S. government transferred Bitcoin worth $593.5 million to its favored crypto brokerage, Coinbase Prime,

Aug 15, 2024, 6:32 AM UTC

Author: Sahil Thakur

The U.S. government transferred Bitcoin worth $593.5 million to its favored crypto brokerage, Coinbase Prime, on August 14, as reported by Arkham Intel. This transfer involved a 10,000 BTC tranche sent to the wallet “bc1ql” two weeks prior.

Following the transfer, BTC experienced a 3.6% drop, though the price decline began before the funds reached Coinbase Prime.
In late July, the U.S. government transferred $2 billion in BTC, with Coinbase believed to be the recipient, shortly after former President Donald Trump announced plans for a strategic Bitcoin reserve.
Speculation is growing that the current administration might sell off some of its BTC holdings before the upcoming winter elections. Despite these transactions, the U.S. remains the largest sovereign holder of Bitcoin, with over $11 billion in assets.

The U.S. government has accumulated a total of approximately 69,370 BTC from the Silk Road seizure. This large amount of Bitcoin was confiscated from the Silk Road marketplace, which was shut down by authorities in 2013.

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