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German government moves $195 million worth of Bitcoin to exchanges 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.

German government moves $195 million worth of Bitcoin to exchanges

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 BTCโ€”worth 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.

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