The U.S. Marshals Service is auctioning nearly $40 million in bitcoin, the first such auction since the end of 2018.
The Marshals will auction “approximately” 4,040 bitcoin, worth $37.7 million at press time, according to CoinDesk’s Bitcoin Price Index, to registered bidders on Feb. 18, the press release said. Potential bidders must register by Feb. 12.
“The auction will take place during a six-hour period Feb. 18. Bids will be accepted by email from pre-registered bidders only,” the release said.
Bidders will also be required to make a $200,000 deposit before being able to bid. Participants who do not win their bids will receive these back.
The bitcoin will be sold in four lots, with 2,500, 1,000, 500 and 40.54069820 bitcoin each. The first three lots are further split into blocks, each with their own set number of bitcoin.
The bitcoin for this month’s auction come from more than 50 administrative forfeitures and legal cases, according to the Marshals’ website.
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Joseph Spezzano received a Masters Degree in computer science from The University of Massachusetts. Joseph has been working as a full-time blockchain programmer for the past 5 years. In his spare time, Joseph enjoys writing for CryptocurrencyInvestments.com and traveling.