German government sold 49,858 Bitcoin for $2.89B at $57,900 average, missing billions in potential gains

Between June 19 and July 12, 2024, the German government offloaded 49,858 Bitcoin seized from a defunct piracy operation, netting approximately $2.89 billion at an average price of $57,900 per coin.

The coins originated from Movie2K.to, an illegal streaming platform. The Bundeskriminalamt, Germany’s federal criminal police, had acquired the stash at an average cost of roughly €39,400 per Bitcoin back in January 2024.

How Germany sold nearly 50,000 Bitcoin in 23 days

The liquidation was a coordinated effort between Saxon state authorities, the Dresden Public Prosecutor’s Office, and financial intermediary Bankhaus Scheich. Transactions flowed through major exchanges including Coinbase and Kraken, spread across the 23-day window to manage market impact.

On-chain analytics firm Arkham Intelligence tracked the wallets in near real time. Analysts observing the liquidation noted that while the sales triggered short-term volatility, they did not create lasting downward pressure on Bitcoin’s price.

The opportunity cost problem

The proceeds from the sale, roughly €2.6 billion, remain in custody pending court rulings related to the Movie2K.to criminal proceedings.

With Bitcoin trading around $62,000 as of early June 2026, those 49,858 coins would be worth considerably more today. The gap between the $57,900 average sale price and current prices represents a 7% increase, which on a position this size translates to hundreds of millions in unrealized additional value.

Estimates suggest that had Germany simply held and sold at more favorable moments, the additional gains could have exceeded $2 billion.

What this means for investors

Large-scale government liquidations are not necessarily the sell signal they appear to be. The market absorbed $2.89B in Bitcoin sales without breaking down structurally.

Germany is not the only government sitting on seized Bitcoin. The US government holds significant quantities from various enforcement actions, and other nations have similar stashes. How Germany handled its liquidation — the intermediaries used, the exchange routing, the pacing — becomes a template that other governments will study.

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