U.S. Government Transfers 3,940 Bitcoin Worth $241.22M to Coinbase Prime

The U.S. government has transferred approximately 3,940 Bitcoin, valued at $241.22 million, to Coinbase Prime. This transfer occurred a day after receiving judicial approval to sell the cryptocurrency.

The Bitcoin was originally seized from narcotics trafficker Banmeet Singh and forfeited at trial in January 2024.

The U.S. government currently holds 213,546 Bitcoin, worth approximately $13.07 billion. The transfer has led to continued sell pressure in the market and will be handled by Coinbase Institutional.

This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz.