A wallet classified as owned by the U.S. government moved some bitcoin linked to Alameda Research’s seized BinanceUS accounts, focusing attention on what falls under the Trump administration’s “strategic bitcoin reserve” policy and its ban on sales.

On Aug. 27 local time, blockchain outlet CryptoSlate reported that the transfer renewed concerns the U.S. government could further dispose of confiscated bitcoin.

The key point is that not all bitcoin held by the U.S. government is designated for the reserve. Under an executive order signed by U.S. President Donald Trump (도널드 트럼프) in March 2025, bitcoin deposited into the strategic reserve cannot be sold. However, the provision applies only to seized assets held by the Treasury, and only to bitcoin that is not needed to meet legal obligations.

The order also allows exceptions. Agency heads can dispose of government-controlled digital assets in cases such as court orders, legal requirements, return to verifiable crime victims, law enforcement purposes and requirements of forfeiture funds. That is why the transfer alone cannot be taken as proof of removing assets from the strategic reserve.

Court records in the U.S. v. Bankman-Fried case list about 682 BTC seized from 2 BinanceUS accounts tied to Alameda Research. One account is listed with 657.92 BTC and the other with 24.4135385 BTC. Adding a small transaction of 1.3773854 BTC brings Alameda’s total bitcoin amount to about 683.71 BTC.

Another factor adding to market confusion is wrapped bitcoin (WBTC). The same Alameda asset list includes about 750.72 WBTC, but it is legally classified in a separate category. Trump’s executive order created a strategic reserve for BTC only, while other digital assets are handled as a separate “U.S. digital asset stockpile.” In that case, the Treasury secretary has discretion over management strategy and whether to sell. It means that even if WBTC is economically linked to bitcoin, it is not legally the same asset as BTC included in the strategic reserve.

That is also why estimates of the U.S. government’s bitcoin holdings vary widely. Public tracking firms estimate bitcoin controlled by the U.S. government at about 198,000 BTC to 328,000 BTC. The gap of as much as 130,000 BTC arises because the market often groups together and counts assets with different legal statuses, such as seized, confiscated, government-controlled and included in the strategic reserve.

Recent movements of assets from government wallets have also fueled the debate. In May, the Justice Department moved altcoins worth about $1.9 million to Coinbase Prime from Alameda’s Binance and BinanceUS accounts seized in 2023. In July, about $297 million worth of seized bitcoin and ether was moved to the same place.

Ultimately, the meaning of this bitcoin transfer depends on how the asset’s legal status is finalized. If the bitcoin once held by Alameda goes through final forfeiture procedures and is included in the strategic reserve, the Trump administration’s stance of “never sell” remains in place. If the asset is disposed of to compensate victims without a clear accounting explanation, it could become harder to identify which government holdings are actually part of the strategic reserve.

The case shows that bitcoin controlled by the U.S. government is not a single, uniform pool of assets. The seized Alameda holdings sit on the boundary between strategic reserve assets with restricted sales and forfeited assets that could be disposed of to compensate victims. As a result, controversy is likely to recur over the legal status of the bitcoin and whether it can be disposed of each time assets move from government wallets.