The US government is reportedly the largest holder of Bitcoin, holding over 2,05,000 BTC as of March 27. This is due to the seizure of Bitcoin maintained by individuals connected to the Silk Road marketplace. The US government has already sold 9,861 BTC for a total of $215 million on March 14, and is planning to sell the remaining 41,490.72 BTC in four different batches this calendar year. The value of the remaining BTC at press time stands at $1.18 billion. Tron founder Justin Sun has made an offer to the US government to purchase these BTC at a 10% discount to minimize the potential impact of the sale on the market.
US Government to Sell Bitcoin in Four Batches
According to court documents, the US government is planning to sell 41,490.72 BTC in four different batches this year. This comes after the government seized 69,369 BTC from individual X and 50,000 BTC from James Zhong, both connected to the Silk Road marketplace. The government had already sold 9,861 BTC for $215 million on March 14, and is set to sell the remaining BTC in four different batches, which could have a significant impact on the price of Bitcoin.
Also Read: SEC charges Justin Sun and celebrities for unregistered crypto token sales
Tron Founder Justin Sun Offers to Purchase BTC at 10% Discount
Following the news of the government’s BTC sale, Tron founder Justin Sun has made an offer to the US government to purchase the BTC at a 10% discount to minimize the potential impact on the market. Sun, who has been sued by the SEC for fraud and market manipulation and lost his diplomatic status, has been under the radar lately. It is unclear at the moment whether the government would accept Sun’s request amid his legal dispute.
The US government’s possession and sale of Bitcoin is not a new occurrence. The government has seized Bitcoin from various individuals and entities in the past, and has even auctioned off seized Bitcoin. In 2014, the US government auctioned off 30,000 BTC seized from the Silk Road marketplace. In 2018, the US Marshals Service auctioned off 3,813 BTC seized in various criminal cases.
