The US government is reckoning with a $116 million blow, following the sale of a significant Bitcoin portfolio back in March. This loss comes as a result of a rapid increase in the cryptocurrency’s value.
The US government sold 9,861 Bitcoin (BTC) in March for approximately $216 million. As of today, seven months later, that same Bitcoin trove is worth $332 million.
The US government frequently acquires Bitcoin through seizures connected to criminal proceedings. By the end of this year, the government is set to sell an additional 41,490 BTC, seized from James Zhong. Zhong confessed to wire fraud charges related to transaction manipulation on the Silk Road darknet marketplace.
Despite these sales, the US still maintains a significant Bitcoin portfolio. According to a recent on-chain analysis by 21.co, the US holds more than $5.5 billion in Bitcoin. This hefty sum is equivalent to nearly 1% of BTC’s total circulating supply.
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