The US General Services Administration to auction off more than $500,000 in bitcoin this Friday

Apr 21, 2021 | The Block News | 0 comments

the-us-general-services-administration-to-auction-off-more-than-$500,000-in-bitcoin-this-friday

The U.S. General Services Administration (GSA) plans to auction off 9.45 BTC this Friday in what will be its third crypto auction this year, according to an announcement. At current prices, that’s worth around $530,000. 

GSA is the government agency responsible for managing government buildings and property. Through a platform called GSA Auctions, it sells off vehicles, equipment, computers, furniture, and other property from the federal government.

On March 15, the agency launched its first-ever bitcoin auction. Two days later, after 31 bidders made a total of 204 total bids, it sold 0.7501 bitcoin for a $9,000 above market value premiumThe agency held a second bitcoin auction on March 29, selling 6.79 bitcoin worth $384,000 at the time. Combined, the two prior auctions raised $450,567, according to the GSA.

“Cryptocurrency is certainly some of the most unique items to ever come up for public sale on our GSA Auctions platform, but the excitement from our bidders is undeniable,” said Thomas Meiron, Regional Commissioner for GSA’s Federal Acquisition Service, in a press statement. 

The GSA has declined to reveal how it obtained the cryptocurrency, citing privacy concerns.

This upcoming auction for 9.45 BTC will occur on April 23 at 5 p.m. Eastern and will close on April 26 at 5 p.m. Eastern. Bidders must register on the GSA Auctions platform before participating in the auction and have a digital wallet in order to receive the bitcoin should they win the auction.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

News Source from TheBlockCrypto.com

Related Articles

Mapping out Genesis Block Ventures’ portfolio

Mapping out Genesis Block Ventures’ portfolio

Quick Take Based in Hong Kong, Genesis Block was founded in 2017 by Wincent Hung and Clement Lp. Aside from operating a proprietary trading desk and offering market making, the firm formed Genesis Block Ventures (GBV), a separate entity that provides investment to the...

Standard Custody takes new route to ‘qualified custodian’ status

Standard Custody takes new route to ‘qualified custodian’ status

Standard Custody received its license to operate as a New York state-chartered trust on May 4, and it's already making a play to gate-crash the institutional custody space. Just days after its licensing, the firm announced the close of a $53 million Series B round for...

Elon Musk tweets BTC price bottom? 5 things to watch in Bitcoin this week

Elon Musk tweets BTC price bottom? 5 things to watch in Bitcoin this week

It's all about Elon as Twitter provides the backdrop to an ongoing battle between hodlers and the "Dogefather." Bitcoin (BTC) is nearing $40,000 this week as “Dogefather” Elon Musk deals out pure pain to hodlers — what’s next?After a traumatic weekend for many crypto...

Pin It on Pinterest

Share This