The German government loses $2.3 billion in profits after selling its Bitcoin holdings at a price of $57,000
The German government lost more than $2 billion in Bitcoin profits after selling its holdings in 2024, according to Arkham.
A cryptocurrency wallet labeled as belonging to the German government sold approximately 49,858 Bitcoin, worth over $2.89 billion at an average price of $57,900 per coin, through multiple transactions during June and July in 2024.
The decision to sell Bitcoin early cost the German government more than $2.35 billion, according to the cryptocurrency analysis platform Arkham.
Arkham stated in a post on the X platform on May 19: "If they had held onto it, their Bitcoin would now be worth $5.24 billion," noting that Bitcoin has risen by more than 80% since the sale.
The wallet labeled as belonging to the German government first sparked speculation about a potential sale on June 19, 2024, when it executed a transfer of 6,500 Bitcoin worth over $425 million.
The wallet originally contained about 50,000 Bitcoin, believed to have been seized from the operators of 'Movie2k', a now-defunct piracy movie site.
