Government Moves Seized Bitcoin
On April 10, 2026, the U.S. government transferred 2.438 BTC (worth roughly $177,000 at current prices) in two separate transactions to a Coinbase Prime address, according to on-chain data tracked by Arkham Intelligence, per The Block and multiple reports. The wallets were labeled “U.S. Government: Glenn Olivio Seized Funds,” confirming the origin of the funds.
Link to Steroid Distribution Conspiracy
The bitcoin is believed to be connected to Glenn Bradford Olivio, who was arrested in May 2025 alongside co-conspirator Dana Rene Light. The pair face multiple federal charges, including:
- Conspiracy to possess with intent to distribute anabolic steroids (including synthetic testosterone, Trenbolone, Nandrolone, Oxandrolone, Stanozolol, and others)
- Conspiracy to launder monetary instruments
- Aggravated identity theft
- Drug possession counts
A forfeiture notice was included in the indictment, standard when the government seeks to seize assets linked to alleged criminal activity, including cryptocurrency. The case was last updated in June 2025, per court records.
Context Within Strategic Bitcoin Reserve Policy
The transfer aligns with President Trump’s March 2025 Executive Order establishing the Strategic Bitcoin Reserve (SBR). The policy mandates that bitcoin obtained through criminal forfeitures be retained rather than sold. In January 2026, Treasury Secretary Scott Bessent publicly confirmed that the administration halted all sales of seized bitcoin and is instead adding it to the SBR.
The U.S. government currently holds approximately 328,000 BTC (worth over $22 billion), plus other digital assets. Similar recent transfers include funds linked to Ross Ulbricht (Silk Road) and Chen Zhi (alleged pig-butchering scheme).
What This Means
This action is routine government consolidation or custody of forfeited assets, but it draws attention due to the underlying steroid distribution charges and the broader SBR policy. No new sales occurred; the bitcoin was simply moved to Coinbase Prime for custody, consistent with the administration’s commitment to holding seized BTC as a strategic reserve asset.
Bitcoin price at the time of the transfer hovered near levels where 2.438 BTC equaled about $177,000.
