COIN - German Government Sells $195M In Bitcoin Has $3B Left | Benzinga
The German government has intensified its liquidation of Bitcoin (CRYPTO: BTC) assets, generating significant market interest and raising questions about its long-term financial strategy.
According to fresh updates from blockchain intelligence firm Arkham, the German authorities have sold Bitcoin worth over $195 million, with substantial transfers to major cryptocurrency exchanges such as Coinbase (NASDAQ:COIN), Kraken and Bitstamp.
In the past 24 hours alone, the German government has moved $65 million in Bitcoin to likely exchange deposits, following a previous transfer of $130 million to four exchange deposits, including Kraken and Bitstamp.
These transactions are part of a broader liquidation strategy that saw the government move $600 million in Bitcoin yesterday.
Despite these significant sales, the German government still holds approximately $3.05 billion in Bitcoin.
The substantial Bitcoin holdings of the German government originate from a major seizure conducted by the German Federal Criminal Police Office (BKA).
In a high-profile case, the BKA confiscated nearly 50,000 Bitcoin, valued at approximately $2.12 billion, from the operators of Movie2k.to, a notorious film piracy website active in 2013.
The Bitcoin was handed over to the authorities following a ‘voluntary transfer’ from the suspects in mid-January, adding to the government's substantial digital asset portfolio.
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