Key Takeaways
- The US government appears to be preparing to sell $2 billion worth of Bitcoin confiscated from Silk Road.
- A test transaction to Coinbase indicates imminent liquidation of the 30,174 BTC stash.
- The U.S. Marshals Service has historically sold 195,000 BTC, continuing its mandate despite legislative attempts to retain the assets.
The US government appears set to sell Bitcoin related to the Silk Road for the first time since March 2023.
A test transaction of 0.001 BTC sent to Coinbase indicates plans to liquidate the remaining stash of approximately 30,174 BTC worth $2 billion.
Transaction details and destination
The test transaction was sent to Coinbase, one of the largest cryptocurrency exchanges in the US.
Arkham Intelligence identified the transaction’s origins and its destination.
It appears the US government aims to sell these coins, as it has done in the past.
Historical context and future plans
In March last year, the US government sold off 10,000 Bitcoin related to Silk Road, worth $216 million.
The U.S. Marshals Service, one of the largest Bitcoin sellers, has sold 195,000 BTC to date.
Despite attempts by lawmakers to hold these funds as a strategic asset, the agency continues to sell off assets confiscated in criminal investigations.
