US Government Sends 2.44 BTC From Drug Case to Coinbase Prime in Fresh Wallet Activity

Key Takeaways:

• The U.S. government sent approximately 2.44 BTC, valued at more than $177,000, linked to Glenn Olivio, to Coinbase Prime on April 10, 2026.
• Arkham Intelligence tracked the transfer, which represents just 0.0007% of the government’s total 328,369.55 BTC holdings.
• Under Trump’s Strategic Bitcoin Reserve order, seized bitcoin is now held long-term rather than sold, signaling a permanent policy shift.

U.S. Government Bitcoin Wallets Reactivate, Feds Quietly Move 2.44 BTC

In recent weeks, cryptocurrency wallets reportedly owned by the U.S. government have shown heightened activity, with seized assets from Chen Zhi, Ross Ulbricht, Miguel Villanueva, and funds linked to the 2016 Bitfinex hack being consolidated.

On April 10, federal authorities transferred funds reportedly associated with an indicted steroid distributor, Glenn Olivio, along with his alleged co-conspirator, Dana Rene Light. On X, Arkham Intelligence flagged the transfer.

“The U.S. Government just moved drug money,” Arkham wrote on the social media platform. “They moved $177.4K of BTC to Coinbase Prime. It was seized from Glenn Olivio, a steroid distributor indicted in 2025, and was their first move in over a month. Will the USG sell this bitcoin?”

The American government executed the transfer in two distinct transactions. One accounted for 1.9785397 BTC, while the other totaled 0.45963654 BTC. Together, they carried a value exceeding $177,000 at prevailing BTC exchange rates.

Data from Arkham Intelligence and mempool.space indicates that both transactions arrived at the same Coinbase Prime deposit address beginning with 3EMqu. In the case against Olivio, prosecutors contend the matter centers on anabolic steroid trafficking, and the funds transferred on Friday are alleged to be connected to Olivio’s purportedly laundered assets.

While the feds reportedly hold 328,369.55 BTC, they also allegedly hold 62742.24 ETH worth $140.76 million.

At present, the U.S. government retains a broad mix of digital assets, with the majority of the value tied to the roughly 328,369.55 BTC held in its reserves. Donald Trump’s Strategic Bitcoin Reserve order states that seized bitcoin held by the government must not be sold.

However, no comprehensive audit of these holdings has been conducted, and current estimates rely on flagged wallets identified by Arkham Intelligence through its blockchain explorer.

The U.S. government’s bitcoin holdings are often inferred from estimates derived through flagged wallet maps and blockchain explorers such as Arkham Intelligence, though these figures remain unverified by any official confirmation.