The United States Marshals Service, or better known as the US Marshals, announced that around $40M of Bitcoin (BTC) would be up for public sale on February 18. Interested bidders are given until February 12 to register.
According to the official press release, the auction would run for six hours. Only those bidders who have valid registration and have an initial deposit of $200,000 would be able to send their bids via email. Those participants who won’t get lucky with their bids would have their money back.
The US Marshals also explained how the auction would play out. The BTC tokens would be up for bidding in four lots. Each lot would have 2500, 1000, 500, and 40.54069820 BTC. Notably, the first three would be split into blocks, with each lot bearing their respective set number of BTC.
The public sale, which would auction about 4, 040 Bitcoin, follows the federal agency’s successful BTC auction in November 2018. That time, they managed to raise more than $50 million. However, this year’s event is expected to be a far cry from almost two years ago as the US Marshals only had 660 BTC back then. As stated in the agency’s official website, the BTC tokens to be sold this year came from over 50 legal cases and administrative forfeitures.
The US Marshal, a federal law enforcement agency that operates within the United States Department of Justice started auctioning Bitcoin in 2014.