U.S. government transfers 2.438 BTC seized in steroid distribution case to Coinbase Prime address

The US government moved a small amount of bitcoin on April 10 from wallets that Arkham Intelligence linked to a criminal case. The transfer involved 2.438 BTC, worth about $177,000, sent to a Coinbase Prime address.

What was transferred

Arkham data showed two separate transactions from wallets labeled “U.S. Government: Glenn Olivio Seized Funds.” Both transfers went to the same Coinbase address, beginning with “3EMqu.”

Case background and alleged activity

The funds were linked to Glenn Bradford Olivio, according to The Block. Court records show Olivio was arrested in May 2025 with Dana Rene Light.

Prosecutors charged the pair with five counts, including conspiracy to possess with intent to distribute controlled substances, money laundering conspiracy, aggravated identity theft, and drug possession counts.

The indictment described the case as involving “a mixture or substance containing a detectable amount of anabolic steroids.” The listed substances included synthetic testosterone, Trenbolone, Nandrolone, Mestanolone, Oxandrolone, Stanozolol, and Methandienone.

Court filings also included a notice of forfeiture, a step commonly used when the government seeks to seize property, including cryptocurrency, that it says came from alleged criminal activity.

Policy context: seized bitcoin and federal custody

Government-linked bitcoin transfers are not unusual. Federal agencies often move seized assets for custody, consolidation, or other handling during legal and administrative processes.

Still, the latest move drew attention because the funds may be tied to a 2025 federal case. It also comes after the Trump administration said it had stopped selling seized bitcoin.

That policy was further clarified after President Donald Trump signed an executive order creating a strategic bitcoin reserve. Treasury Secretary Scott Bessent later said the government would keep bitcoin obtained through criminal forfeitures.

Broader data and market impact

Federal bitcoin holdings remain under close watch. The US government currently holds about 328,000 BTC, valued at more than $22 billion at current market prices.

In recent weeks, government-linked wallets also moved funds tied to other cases, including assets associated with Ross Ulbricht, Chen Zhi, and Miguel Villanueva.

Those earlier transfers raised questions about whether the government was still sending bitcoin to custodial platforms despite the reserve policy. The Olivio-linked transfer is likely to renew similar scrutiny.