The United States General Services Administration (GSA), according to an announcement published Wednesday, is preparing to auction up to $337k worth of cryptocurrency. The agency is the U.S. government’s online clearinghouse for offloading surplus assets and equipment.
This week’s auction will take place on Friday, June 18, and will see bidders look to get a share of eleven lots of cryptocurrency that includes 8.93 BTC ($346k) and 150.2 LTC ($27k).
It is worth noting that this is the first time the GSA is auctioning a cryptocurrency other than Bitcoin. Since the agency began auctioning cryptocurrency on behalf of the U.S. government earlier this year, it has raised $937,092 from selling 16.99 BTC.
Thomas Meiron, Regional Commissioner for GSA’s Federal Acquisition Service, said regarding their latest auction,
Experienced investors recognize a good opportunity when they see it, which is why our auctions have generated so much enthusiasm among the crypto community. With the addition of a new type of cryptocurrency, this promises to be one of our most exciting auctions of the year.
The auctioning of bitcoins and other cryptocurrencies by the U.S. government often follows the seizure of these assets from bad actors.
To date, some of the most famous auctions include the sale of 29656 bitcoins to billionaire venture capitalist Tim Draper in 2014. The bitcoins were seized from the famous Silk Road raid and auctioned when Bitcoin’s price was $647. Draper’s holdings are now worth well over $1 billion.
Second Markets, a crypto exchange operated by now-Grayscale CEO Barry Silbert, also won a 2014 auction for 40,000 BTC worth $18.1 million at the time. At today’s price, the assets are worth over $1.5 billion, with Barry also Silbert among the largest bitcoin holders.
Interestingly, Monmouth, a county in New Jersey, recently disclosed over 300% significant gains from selling crypto assets that it confiscated in 2018. The bitcoins were worth $200,000 at the time when the county’s enforcement agency seized them. However, they were sold for $1.2 million in April.
