US Government Moves $177K In Seized Bitcoin Linked To A Drug Case, Arkham Data Reveals

• The US government moved about $177,000 in Bitcoin tied to a 2025 drug and money laundering case, according to Arkham.
• The funds were linked to Glenn Olivio, who was indicted for running an alleged steroid distribution network.
• Arkham said roughly 2.4 Bitcoin was transferred to Coinbase Prime in two transactions flagged on Saturday.

An on-chain wallet linked to the US government moved roughly $177,000 worth of Bitcoin (BTC) on Friday in connection with a 2025 criminal case, according to Arkham Intelligence.

Arkham data showed that the US government had moved roughly 2.4 Bitcoin in two transfers, valued at about $33,000 and $144,000, respectively, to Coinbase (COIN) Prime. The funds were linked to Glenn Olivio, who was indicted last year, in connection with an alleged steroid distribution and money laundering operation. This transaction was first flagged by Arkham on Saturday.

Arkham noted that the US government had “just moved drug money,” referring to the Bitcoin that was likely seized as part of that investigation, where authorities accused Olivio of running a network that distributed performance-enhancing drugs and used financial channels, including cryptocurrency, to move proceeds.

Bitcoin’s price was trading at $72,660, up over 0.5% over the past 24 hours. On Stocktwits, retail sentiment around BTC remained in the ‘bullish’ zone, while chatter stayed at ‘normal’ levels over the past day.

US Among Largest Bitcoin Holders

The US government is one of the largest holders of Bitcoin according to Arkham data, with roughly 328,000 BTC worth over $22 billion. Much of this has been accumulated through high-profile criminal seizures, most notably from the Silk Road case, when the infamous dark web drug marketplace was shut down by the FBI in 2013, where authorities ultimately confiscated billions of dollars worth of Bitcoin. 

US Outlines Framework For Managing Seized Bitcoin

The movement of funds comes a month after the White House announced the establishment of a Strategic Bitcoin Reserve and a broader United States Digital Asset Stockpile to manage seized digital assets.

The framework outlines that Bitcoin obtained through forfeiture will be retained as a reserve asset, while other digital assets may be actively managed. The initiative marks one of the first formal efforts by the US government to define how seized crypto assets are held and utilized at a national level.

Read also: US-Iran Peace Talks Hit A Crucial Test Over ‘America First’ Stance

For updates and corrections, email newsroom[at]stocktwits[dot]com.