As of March 25, 2023, the U.S. government held 205,515 bitcoins worth $5.6 billion, which is approximately 1.06% of the circulating supply, according to current statistics. The cache of bitcoins is a result of three forfeitures that began in 2020. Glassnode’s on-chain data reveals that on March 9, about 9,860 bitcoins worth roughly $269 million were sent to a Coinbase address.
Uncle Sam’s Crypto Stash: How the U.S. Government Became a Top Bitcoin Holder
The U.S. government currently holds 205,515 bitcoins valued at $5.66 billion based on today’s exchange rates. The bitcoins were confiscated in three cases, including the Silk Road bitcoin seizure in November 2020, the 2022 Bitfinex hack confiscation, and the seizure of bitcoins from James Zhong last year. Of the total, 69,369 BTC was seized from “Individual X,” 94,643 BTC was taken from Ilya Lichtenstein and his wife Heather Morgan, and 51,326 BTC was seized from Zhong in November 2022.
According to a report from Glassnode on March 9, 2023, some of these bitcoins have moved, reducing the total from 215,338 to 205,515 BTC. “Approximately [40,000 bitcoins] from wallets associated with U.S. Government law enforcement seizures are on the move,” Glassnode r
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Author: Jamie Redman
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