Speculation Mounts Over Potential Deal Between US Government and Coinbase Following Recent $2B Bitcoin Transfer

The buzz began when Bloomberg senior ETF analyst James Seyffart indicated that the US Marshals Service’s choice of Coinbase for digital asset management could explain the transfer.

The recent transfer of $2 billion in Bitcoin has sparked speculation about a potential deal between the US government and Coinbase.

Bloomberg senior ETF analyst James Seyffart suggested that the government's choice of Coinbase for digital asset management could explain the transfer.

Arkham Intelligence initially reported the transfer, revealing that the government split the Bitcoin into two addresses: one with 10,000 BTC (around $669.35 million) and the other with 19,800 BTC (about $1.33 billion).

This move hinted at a 10,000 BTC deposit into an institutional custody service, sparking theories about Coinbase's involvement.

Seyffart, reflecting on these events, suggested that the government might be using Coinbase for digital asset management.

“Has to be this, right?” he remarked, indicating a strong possibility of this being the reason behind the transfer.

Has to be this, right? https://t.co/NZqQPE6GoL pic.twitter.com/7Ek6bLwpeq

An X user named Patrick Liou corroborated this by pointing out that the US Marshals Service's distribution schedule aligns with a long-term strategy, spreading the Bitcoin distribution over five years. Seyffart agreed, reinforcing the speculation.

yes I think so. and if so, the RFP on the US Marshall's website stated they will do the distribution on a schedule over 5 years, not all at once

However, recent reports have confirmed that Coinbase Prime has been selected to provide custody and advanced trading services for the government's digital assets.

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