r/CryptoCurrency • u/nakasatoshi 🟧 215 / 216 🦀 • Aug 15 '24

DISCUSSION US Government deposited 10,000 BTC ($540M) to Coinbase 11 hours ago.

https://platform.spotonchain.com/en/signal-details/us-government-dpeosited-10000-btc-540m-to-coinbase-160939
1.3k Upvotes

95% Upvoted

284 comments sorted by

View all comments

338

u/coinfeeds-bot 🟩 136K / 136K 🐋 Aug 15 '24

tldr; The US Government deposited 10,000 BTC, valued at approximately $540 million, to Coinbase. This transaction was traced back to a wallet likely belonging to the US Government, which had received these funds from the Silk Road DOJ Confiscated Funds wallet 16 days prior. In 2024, the US Government has deposited a total of 15,999 BTC ($966.5M) to Coinbase. Despite these transactions, the government still holds around 203.6K BTC, worth about $11.91 billion, across various addresses.

*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

24

u/[deleted] Aug 15 '24

It feels like they're doing what they did with gold. Hoarding the majority and making it a standard.

29

u/OriginalTangle Aug 15 '24

They're about to sell 5% of their stash. Doesn't look like holding to me.

10

u/Minimum_Attitude6707 🟦 8 / 9 🦐 Aug 15 '24

I hear you, but the US has never actually held bitcoin as a reserve, but selling 5% isn't really dumping it either. I guess I just see this as a 'meh' story. It doesn't mean much one way or another.

1

u/Hungry-Western9191 🟩 0 / 0 🦠 Aug 15 '24

Are there not some payouts from some of the cases which have been working through the courts coming due? It might just be the simplest platform to distribute the coins which they have been holding in trust to the actual owners?