- Justin Sun, founder of Tron, has offered to buy the German government’s Bitcoin holdings off-market, in an attempt to limit the market impact as Germany looks to sell some of its stash.
- The German government has transferred around US$175 million of BTC to exchanges since June 19.
- Combined with US$9 billion worth of BTC payouts to Mt. Gox creditors, the German government’s plans to sell have sent BTC’s price tumbling recently, dragging the rest of the crypto market down with it.
Here comes the Sun! (doo-doo-doo-doo)
Colourful crypto identity and founder of the Tron blockchain, Justin Sun, has swooped in and offered to buy the German government’s Bitcoin (BTC) holdings off-market, in what he claims is an attempt to limit the market impact of Germany’s BTC sales.
This comes after Germany’s government began transferring BTC from a wallet associated with the German Federal Criminal Police Office (BKA) to exchanges on June 19. Since that first transfer around US$175 million in BTC has been transferred to exchange addresses, potentially to be sold in the near future.
Including the BTC sent to exchanges, the German government has almost 50,000 BTC, currently valued at over US$2 billion. These BTC were seized by the BKA from the movie piracy website, Movie2K.to, in 2013.
Related: SEC Claims Jurisdiction In Justin Sun Case, Accuses Him Of Directing Wash Trading From US Soil
The Sun Also Rises
Posting on X yesterday, Justin Sun said:
Sun is believed to own around US$1 billion in digital assets, while the German government’s Bitcoin stash is currently valued at over US$2 billion.
The crypto market could use a hero right about now. The German government’s sales combined with US$9 billion worth of BTC distributions from collapsed crypto exchange Mt. Gox to its creditors have driven down the price of Bitcoin, with the rest of the market following the OG crypto’s lead.
Related: Bitcoin Drops Below 60K as Mt.Gox BTC and BTC Cash Repayments to Start in July
At the time of writing, according to CoinGecko BTC was changing hands at US$57,057, down over 5% on the day and over 20% in the past month. Other major cryptocurrencies have mirrored BTC’s 24 hour drop, Ethereum is down over 7% on the day, Solana is down almost 12%, XRP down 8.2% and Cardano is down close to 15%.
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