On June 26th, the US government sent 3,940 Bitcoin to Coinbase Prime, Coinbase's institutional trading platform. Blockchain analytics firm Arkham Intelligence flagged the transaction.

The transferred Bitcoin was originally confiscated from convicted drug trafficker Banmeet Singh earlier in 2024. Singh was arrested in London in 2019 on distribution charges and extradited to the US in 2023.

As part of his conviction, Singh forfeited over 8,100 Bitcoin, worth around $150 million at the time, to US authorities.

While the recent transfer of nearly 4,000 Bitcoin is substantial, it represents just a fraction of the government's total Bitcoin holdings. Data shows the US government currently possesses around 214,000 Bitcoin worth over $13 billion - making it the largest national holder of Bitcoin globally.