Justin Sun Offers to Buy German Government’s $2.3 Billion Bitcoin Stash

Justin Sun Offers to Buy German Government’s Bitcoin

YEREVAN (CoinChapter.com) — Tron founder Justin Sun has offered to buy the German government’s Bitcoin holdings worth over $2.3 billion. Sun announced his offer on July 4 via a post on X to his 3.5 million followers.

“I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market,”

Sun stated.

Justin Sun’s $2.3B Bitcoin Offer. Source: @justinsuntron

The German government’s wallet has been actively selling Bitcoin, creating concerns in the market.

German Government Wallet Sparks Bitcoin Sell-Off Fears

The German government-labeled wallet first raised suspicions of selling on June 19. On that day, it transferred 6,500 BTC, valued at over $425 million. This movement indicated potential future sales, which could affect Bitcoin prices.

Bitcoin movement from German government wallet. Source: Arkham

The wallet held nearly 50,000 BTC since February 2024. These funds were seized from the operator of the pirate movie website Movie2k.

Millions in Bitcoin Transferred to Major Exchanges

The German government has been steadily selling Bitcoin since mid-June. The latest transfer, on July 4, involved $172 million worth of Bitcoin sent to multiple crypto wallets, including centralized exchanges.

German government sent 1,700 BTC to an unlabeled crypto wallet address. Source: Arkham

Specifically, $75 million worth of Bitcoin was transferred to Coinbase, Kraken, and Bitstamp. This suggests ongoing sales preparations. On July 2, the wallet moved $52 million worth of BTC, distributing it to Coinbase, Bitstamp, and Kraken.

German Government’s Bitcoin Sell-Off. Source: @ArkhamIntel

BKA Clarifies Role in German Government’s Bitcoin Sales

The Arkham Intelligence platform tagged the crypto wallet as belonging to the “German Government (BKA),” referring to Germany’s Federal Criminal Police Office. However, the BKA itself does not hold the Bitcoin. The BKA seized the 50,000 BTC in January from Movie2k’s operator.

Kristina Sawazki, a BKA spokeswoman, explained:

“In principle, the sale or conversion of seized Bitcoins into Euros is the responsibility of the relevant public prosecutor’s office or court.”

She clarified that the proceeds from these sales are managed by the Land Revenue Office, where the competent court is located. The BKA’s role is to preserve the crypto assets seized during investigations.