According to data provided by analytics firm Lookonchain, wallets associated with the U.S. government recently received roughly $332,000 worth of Ethereum (ETH) tokens from the Coinbase exchange.
The wallets in question currently hold a total of $281 million worth of ETH following the latest transfers.
U.S. government’s vast crypto holdings
Data provided by Arkham Intelligence shows that the U.S. currently holds a total of $23.4 billion worth of crypto.
Bitcoin, of course, accounts for the lion’s share of the aforementioned holdings ($22.5 billion). Apart from BTC and U.S. also holds such tokens as USDT, BNB, USDC, and so on.
Of course, it should be noted that the US government is not an active investor in crypto (at least for now). The tokens held by the government have been confiscated from bad actors over the past several years.
It should be noted that Ethereum is part of the digital asset stockpile that was officially created by the U.S. in March alongside the strategic Bitcoin reserve. The stockpile consists of ETH as well as several other tokens, such as Ripple-linked XRP and Cardano (ADA).
For now, it remains unclear whether the government will actually buy crypto on top of the confiscated tokens. Treasury Secretary Scott Bessent previously stated that the Bitcoin reserve could potentially be expanded with additional purchases.
Ethereum’s price recovery
According to CoinGecko data, the price of Ethereum (ETH) has spiked by more than 3% over the past 24 hours.
The altcoin has now recovered after coming awfully close to dipping below the $4,000 level earlier this week.
It should be noted that ETH is still up by 17% over the past month, and the token is still seemingly on track to score its best Q3 of all time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team