German law enforcement agencies have successfully converted their seized Bitcoin into a staggering $2.88 billion (€2.639 billion). This sale marks one of the largest liquidations of confiscated cryptocurrency by any government to date.
German Government Offloaded Bitcoin Holdings Strategically
The German authorities’ Bitcoin holdings were sold off in a carefully orchestrated operation spanning from June 19 to July 12. The sale involved liquidating 49,858 BTC, which had an initial value of approximately $2.1 billion at the time of seizure.
According to a press release, the Saxon Police’s Central Office for Cryptocurrencies, the Dresden Public Prosecutor’s Office, and German trading firm Bankhaus Scheich collaborated on this massive undertaking.
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The authorities emphasized that the sale was conducted “in a way that was fair and gentle on the market,” despite its large size.
Interestingly, the prosecutor’s office stated that the proceeds “do not initially represent any additional income for the Free State of Saxony, but are held in custody until the criminal proceedings have finally concluded.”
The sale’s impact on the crypto market was notable, with Bitcoin experiencing volatility during the three-week selling period. However, the cryptocurrency has since shown remarkable resilience. The whole crypto market is trading higher than when the German sell-off began.
Bitcoin plunged as low as $54,000 when the German government began the sell-off. However, the price has now reclaimed the $65,000 level.
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