Justin Sun, the founder of Tron, has made an offer to purchase the German government’s Bitcoin holdings, which are valued at more than $2.3 billion. Sun expressed his willingness to buy Bitcoin off-market in order to prevent a negative impact on the price of the cryptocurrency.
The German government’s wallet drew attention on June 19 when it transferred 6,500 BTC, worth over $425 million. Concerns arose about the potential negative effect on the Bitcoin price if the remaining holdings were sold, making the wallet a topic of interest among traders.
Prior to the initial transfer, the wallet had held close to 50,000 BTC since February 2024. These funds are believed to have been confiscated from the operator of the pirate movie website Movie2k.
The wallet, identified by the Arkham Intelligence platform as belonging to the “German Government (BKA)” – the Federal Criminal Police Office of Germany – held 50,000 BTC seized in Dresden in January from Movie2k.
Although it remains unclear which entity is selling the Bitcoin, a spokesperson for the BKA confirmed that the law enforcement agency does not possess the seized cryptocurrency.
The German government’s wallet has been selling Bitcoin continuously since mid-June. In its most recent transaction on July 4, $172 million worth of Bitcoin was sent to various crypto wallets, including three major centralized exchanges.
On July 2, the wallet transferred $52 million worth of BTC, with portions going to Coinbase, Bitstamp, and Kraken exchanges. This indicates a potential intention to sell the Bitcoin holdings.
As the German government’s Bitcoin-selling activities continue, the crypto market remains uncertain about the impact on the ongoing bull run of cryptocurrencies amidst a possible financial crisis.