Germany Transfers 200 BTC to Coinbase After 1,500 BTC Sent to Exchanges

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The German government owns 47.859k BTC in the German Government address, worth over $3.1 billion. 

The government of Germany has transferred 200 BTC, valued at $13.6 million to crypto giant exchange, Coinbase. According to Arkham data, on June 19, 2024, the country transferred 1000 BTC (500 BTC each) worth approximately $65.14 million to crypto exchanges Kraken and Bitstamp.     

Germany Selling Bitcoin?

The government agency transferred $425 million in bitcoin to a different wallet address. Arkham data revealed that some BTC went to exchange deposit wallets while some were returned to the original wallet.  

Arkham identified the wallet address as belonging to the German Federal Criminal Police Office (BKA). The address moved 6,500 BTC to another address and then back to itself. Transaction data shows that $32 million worth of bitcoin was deposited on the Kraken exchange and a similar amount on Bitstamp. 

Currently, the German government owns 47.859k BTC in its address, worth about $3.1 billion.  

Germany has actively regulated and used cryptocurrencies. Over time, the country’s law enforcement has collected a substantial amount of BTC from criminal investigations, including those involving the dark web, cybercrime, and financial fraud. The government often holds onto the digital assets until they are auctioned off or sold through official exchanges.       

Countries Holding BTC 

Germany is not the only country that has holds digital assets. For instance, the U.S. treasury holds 207,189 bitcoins, worth $5 billion, by far the largest state-owned hoard.  

While many other countries have been selling their crypto, research revealed that the U.S. has increased its supply through asset seizures. Last year, Sachin Jaitly, a partner at Morgan Creek Capital, disclosed that the U.S. held over 69,640 bitcoins worth over $4.5 billion.    

Argentina is also on the crypto bandwagon. Last month, the country announced its intention to partner with El Salvador to advance the adoption of bitcoin. The report disclosed that the president and vice president of the Argentinian National Securities Commission, Roberto Silva and Patricia Boedo, met with Juan Reyes, the president of El Salvador’s National Digital Assets Commission (CNAD), to discuss El Salvador’s experience in adopting the crypto asset.