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Operation Blackout puts the U.S. government’s Bitcoin exposure in focus. The forfeiture case involved about 127,271 BTC, now worth roughly $9.4 billion and cited near $15 billion when DOJ filed its action.

The U.S. now has a meaningful incentive to see Bitcoin perform well. Estimated federal holdings are about 328,000 BTC — roughly 1.6% of circulating supply — worth about $24 billion at current prices. That is not too small to matter.