US Government to Sell 41,500 Bitcoin ($1.18 Billion) Connected to Silk Road

Vignesh Karunanidhi
US Government Transfers $300M Bitcoin Connected to Silk Road

Due to its long history of seizures, the US government is one of the largest holders of bitcoin. According to court filings, the US government holds more than 2,05,000 BTC as of March 27. The numbers revealed that the US government is the largest holder of BTC.

Initially, the US government seized Bitcoin maintained by individual X, which is interconnected to the Silk Road marketplace. This left the US government with 69,369 BTC. It was also followed by the seizure of 50,000 bitcoins from James Zhong, who is again connected to the Silk Road.

Now, according to the details from the latest court documents, the US government is planning to sell 41,500 Bitcoin connected to Silk Road.

US government to sell 41,500 Bitcoin

According to the details in the court documents, the government is planning to sell bitcoin in four different batches this year. The details revealed that the government had begun liquidating 51,351.89 bitcoins forfeited in the Ulbricht case.

The government sold 9,861 BTC for a total of $215 million on March 14, 2023. The government is planning to liquidate the rest of the 41,490.72 BTC in four different batches this calendar year. The value of 41,490.72 BTC at press time stands at $1.18 billion according to BTC’s current price of $28,448.