The US government moves 2.44 Bitcoin worth $177,000 linked to a steroid distribution case to Coinbase Prime, raising questions about the Strategic Bitcoin Reserve policy. The US government transfers 2.44 BTC worth $177,000 from Glenn Olivio seized funds to Coinbase. Funds are linked to a steroid distribution case involving Olivio and co-conspirator Dana Light. The transfer came in two separate transactions from addresses identified by Arkham Intelligence as US Government: Glenn Olivio Seized Funds, pointing to Glenn Bradford Olivio, who was arrested alongside co-conspirator Dana Rene Light in May 2025.
Just in: The U.S. Government (Glenn Olivio Seized Funds) just deposited 2.44 BTC ($177K) to Coinbase Prime. The government included a forfeiture notice in the original indictment, a standard step when seizing cryptocurrency tied to alleged criminal activity. The transfer itself is small by any measure. At Bitcoin’s current price around $72,500, moving 2.44 BTC barely registers.
Any movement toward liquidation would contradict that stated policy. Coinbase Prime is the institutional arm of the exchange, used for custody, asset management and in some cases liquidation by the US Marshals Service. Whether this transfer represents routine asset consolidation or preparation for a sale is not yet clear. In January, Treasury Secretary Scott Bessent publicly confirmed that the administration had halted all sales of seized Bitcoin and was instead adding it to the Strategic Bitcoin Reserve, established by executive order in 2025.
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