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.
Summary
- US government moved 2.438 BTC from seized wallets tied to an alleged steroid conspiracy case.
- Arkham linked the funds to Glenn Olivio, who faced charges filed in 2025.
- The transfer renewed focus on how seized bitcoin moves under the federal reserve policy.
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.
Government-linked bitcoin transfers are not unusual. Federal agencies often move seized assets for custody, consolidation, or other handling during legal and administrative processes.
The latest move still drew attention because the funds may be tied to a 2025 federal case. The transfer also comes after the Trump administration said it had stopped selling seized bitcoin.
That policy became clearer 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.
The Block reported that the seized bitcoin appears linked to Glenn Bradford Olivio. 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 said the case involved “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. That step is common when the government seeks to seize property, including cryptocurrency, that it says came from alleged criminal activity.
Reserve policy remains in focus
The transfer comes as 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 latest Olivio-linked transfer is likely to draw similar attention.
PACER shows the steroid case last updated in June 2025. Public records reviewed by The Block did not confirm whether this case is related to an older 2015 marijuana arrest involving a man with the same name.