German government moves $195 million worth of Bitcoin to exchanges German government moves $195 million worth of Bitcoin to exchanges
The government may intend to sell funds following certain exchange transfers.
2 min read
Updated: Jun. 21, 2024 at 12:41 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The German government has moved at least $195 million of Bitcoin (BTC) to exchanges, according to Arkham Intelligence.
Arkham added that the German Government moved $600 million in BTC overall on June 19 โ $130 million of which was sent to four “likely exchange addresses.” Three of the addresses are confirmed to be exchange “service wallets” on Kraken, Bitstamp, and Coinbase.
Some have raised concerns over the impact on the market if Germany continues to sell its substantial hoard of digital assets.
According to reports, the Bitcoin transfers were conducted by the German Federal Criminal Police Office (BKA), which seized nearly 50,000 BTC from the piracy site Movie2k.to earlier this year. This was the conclusion of a major seizure in 2018 from a piracy website operated by two individuals, marking one of the largest crypto confiscations in history.
After the latest transactions, the German government owns 47,179 BTCโworth roughly $3 billion as of press time โ according to Arkham’s data.
Bitcoin holdings among nations
BitcoinTreasuries indicates that Germany has the fourth largest Bitcoin holdings among nations, based on public information.
The top three are the US with $13.9 billion in Bitcoin, China with $12.4 billion, and the UK with nearly $4 billion. Each government accumulated its BTC primarily through law enforcement seizures over the last few years.
Ukraine has the fifth largest Bitcoin holding at 46,351 BTC, largely obtained from a former government official, Yury Shchigol.
Meanwhile, some nations are accumulating Bitcoin via purchases, investments and donations. El Salvador, the pioneer in adopting Bitcoin as legal tender, currently holds 5,779 BTC โ valued at roughly $390 million as of press time.
The value of El Salvador’s holdings showcases a substantial profit since the country began its purchases in September 2021. Similarly, Venezuela has also turned to Bitcoin amid its challenges with hyperinflation and US sanctions, while the Central African Republic recently announced it would adopt Bitcoin as an official currency
Meanwhile, Bhutan has been quietly mining Bitcoin since 2019 and currently holds roughly 621 BTC.
Mentioned in this article
Author 
Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
Editor Editor 
Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Kraken
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
Bitstamp
Bitstamp is a European-based cryptocurrency marketplace that allows people from all around the world to buy and sell cryptocurrencies.
