German Government Earns €2.6 Billion from BTC Sales, Mostly OTC, Price Impact Minor

The German government has released an official statement, revealing that it sold a total of 49,858 BTC between June 19 (local time) and July 12 this year. The proceeds amounted to €2.6 billion, which will be temporarily held by the Leipzig District Court. They have not yet been deemed state assets, and a decision on permanent confiscation will be made later. Under the German Code of Criminal Procedure, an emergency sale is legally required if there is a risk of losing more than 10% of the value of seized assets before the conclusion of ongoing criminal proceedings. The sale is reportedly an emergency sale.

Meanwhile, the German state of Saxony announced on its official website that it has "sold approximately 50,000 bitcoins over three and a half weeks in a market-friendly and fair manner." The state of Saxony sold 49,800 BTC, which was seized from Movie2k.to, a movie piracy site that has been operating since 2013. "Since the beginning of the sale, the state of Saxony has regularly sold less than 1% of the BTC market volume, with more than 90% of the sale taking place over-the-counter (OTC) and thus not directly affecting the price. The sale was an emergency sale pursuant to the German Code of Criminal Procedure. The German Code of Criminal Procedure states that seized assets must be sold if there is a risk of losing more than 10% of their value. BTC has fulfilled this requirement due to its sharp price fluctuations."