Galaxy Research said on-chain tracking shows the US government transferred about 9,261 BTC, worth roughly $770 million, to Coinbase Prime over two days.
Receiving address included funds from previously unlabeled wallets
According to Galaxy Research, the deposit address has received a cumulative 11,567 BTC since it was first used in December 2025. Of that total, 6,406 BTC came from wallets already labeled as belonging to the US government, while 5,160 BTC arrived from addresses that had not previously been labeled.
Of the 9,261 BTC moved in the latest transfer, nearly half can be traced to funds recovered by the US government from the Bitfinex hack. Another portion came from previously known Binance-related seizure assets. The report added that 2,456 BTC had no clear government ownership label before, but are now being treated as US government seizure assets because they entered the address through the same path as known government funds.
Breakdown of current US government holdings
Galaxy Research estimates that the US government currently holds about 319,100 BTC. Roughly 71% of that total is tied to LuBian-related BTC and Bitfinex recovery funds.
In January 2025, a US federal court approved the in-kind return of seized Bitfinex hack funds to Bitfinex. The main address holding about 94,600 BTC has not moved so far.
The US Department of Justice also filed a civil forfeiture lawsuit in October 2025 against Chen Zhi and related assets, involving about 127,300 BTC. Those LuBian BTC entered addresses attributed to the US government between June and July 2024.
Historical flows and transfer ranking
Since 2013, addresses linked to the US government have received about 555,300 BTC in total, worth around $16.1 billion at the time of receipt. Over the same period, about 236,200 BTC flowed out, worth about $3.8 billion at the time.
After excluding internal transfers between government-controlled addresses, the latest movement ranks as the ninth-largest single-day BTC outflow in US government history based on labeled government wallets. It is also the largest such transfer since Dec. 2, 2024.
Galaxy Research said a BTC transfer to Coinbase Prime does not necessarily mean the US government has sold the assets. On-chain transfers alone cannot confirm the exact purpose of the funds.