Saxony's 'Bitcoin Treasure' Sale Nets Hundreds of Millions
Saxony's 'Bitcoin treasure' has been making headlines. On June 25th, another MP inquired about the sale and distribution of the proceeds, following a previous question in June about the 'billion-dollar treasure'.
The Saxon General Prosecutor's Office has been selling the seized BTC. Between June and July 2024, they sold around 5,000 coins at an average price of about 52,944 USD each, generating hundreds of millions in revenue. This sale was an 'emergency sale', initiated as the BTC price threatened to drop rapidly.
The proceeds will flow into the general state budget of the Free State of Saxony. If the goods exceed 500,000 USD, 52.5% goes to the Ministry of the Interior and 22.5% to the Ministry of Justice. However, the precise beneficiaries are the state authorities managing the confiscated assets.
Despite selling a significant portion, there are still 44,692 BTC, currently worth around 2.6 billion USD, on BKA wallets. The BKA is involved in storage for technical reasons but has no decision-making power. The Saxon General Prosecutor's Office is in charge of the sales.
The government has acknowledged that they may have missed out on seizing an additional 45,000 BTC related to the movie2k case, worth several billion USD. Keeping the initially sold coins longer could have yielded more profit.
The sale of the 'Saxon treasure' BTC has generated a significant amount of revenue for the state. However, questions remain about the potential missed seizure of additional coins and the distribution of the proceeds. The MP's inquiry seeks to clarify these points.
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