Germany’s $2.89B Bitcoin sale nears break-even as BTC rises

Germany’s sale of 49,858 bitcoin for $2.89 billion in June–July 2024 sits close to current market levels as Bitcoin trades near $62,000, roughly 7% above the government’s average exit price of $57,900. On-chain analytics firm Arkham Intelligence calculated that a 6% drop from current levels would push the market below that average.

Saxon authorities seized about 50,000 BTC in January 2024 from operators of the piracy site Movie2K. German law requires prompt liquidation of seized assets, so the government completed sales between June 19 and July 12, 2024. The disposals were routed through Kraken, Bitstamp, Coinbase, Cumberland and Flow Traders.

Arkham tracked wallet movements tied to the disposal and flagged the $57,900 average as a market reference point. The firm highlighted how recent price moves have narrowed the gap between current spot levels and the government’s sale price.

Market activity across 2026 included a correction that briefly pushed Bitcoin below $60,000 on Binance and Coinbase for the first time since 2024. Over a 13-day stretch, spot exchange-traded funds recorded $4.33 billion in outflows.

At Bitcoin’s 2025 peak, when the price had more than doubled from the 2024 levels, calculations showed the seized stash would have been worth more than $6.6 billion. The sale drew criticism at the time; one investor wrote that they felt “very sad for the German people” and called it the worst decision being made for the country then.

Government responses to bitcoin holdings varied in 2024. The United States began liquidating some reserves under President Biden, and Ukraine carried out a complete liquidation. El Salvador and Bhutan increased their holdings. Combined actions by Germany, the U.S. and Ukraine reduced state-owned bitcoin reserves by about 12% in 2024. China and the U.K. neither added to nor disposed of holdings that year.

At current prices, the headline figures from Germany’s sale are nearer to prevailing market levels. Market participants continue to watch price movements against the $57,900 benchmark identified by Arkham Intelligence.