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.

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Why BTG Pactual is launching a crypto platform

Brazil-based BTG Pactual, Latin America’s biggest investment bank, is launching its own crypto asset platform that will initially support bitcoin and ether trading. The platform will be called Mynt and allow customers to purchase bitcoin and ether, BTG Pactual’s Head of Digital Assets André Portilho tells The Block. Eventually, the platform will support other digital […]
Read Full Story
Sep 24, 2021, 9:17PM UTC