Bitcoin Policy Institute Fights $293B Wallet Grab as Noah Doe Court Date Nears
The Bitcoin Policy Institute (BPI) filed to intervene as a defendant on July 10 in a New York lawsuit seeking legal title to nearly 40,000 dormant Bitcoin addresses. The case, ABC Company, XYZ Company, and Noah Doe v. John Does 1-39,069, is before Justice Kathy J. King in New York County Supreme Court. Plaintiffs argue the coins were abandoned under New York’s lost property statute because they remained untouched for at least five years.
BPI’s managing director, Conner Brown, stated in a sworn affirmation that the institute holds a portion of its treasury in a Long-Term Reserve kept in self-custody, similar to the wallets targeted in the suit. He warned that a win for plaintiffs would pressure Bitcoin holders to abandon self-custody to avoid future claims. BPI’s proposed answer denies nearly all allegations and raises 15 affirmative defenses, including that Bitcoin addresses are not property under New York law and that the court lacks jurisdiction over anonymous wallet holders.
White & Case partner Rachel Rodman, representing BPI, has requested permission to file a motion to dismiss before submitting a formal answer. BPI confirmed the move on X, stating it intervened to protect its long-term Bitcoin holdings.
Meanwhile, Noah Doe’s attorney has opposed a separate amicus curiae motion filed by attorney Ian Cohen, arguing that Cohen’s brief lacks legal authority and serves self-promotion. The plaintiffs’ counsel asked the court to deny Cohen amicus status and lift the stay triggered by his filing.
The Digital Chamber, a digital asset trade group, also entered the case, signaling interest in the outcome. Additionally, a pseudonymous wallet holder identified as John Doe 33 became the first named defendant to contest the suit, filing a motion to dismiss on June 30. On-chain activity has complicated the plaintiffs’ abandonment theory, with several named wallets moving Bitcoin, including a 500 BTC transfer on July 2.
Justice King is scheduled to hear oral arguments on July 14 at 10:30 a.m. at 60 Centre Street. The hearing will address Cohen’s amicus application, the ongoing stay, John Doe 33’s motion to dismiss, and BPI’s request to intervene. While the hearing will not resolve the underlying declaratory judgment claim, it will determine which parties participate as the case proceeds.