The U.S. Marshals are set to auction off nearly $25 million worth of bitcoin later this month.
The government agency announced Monday that it will put approximately 2,170 bitcoins on the auction block, with the sale planned for March 19. Would-be bidders must submit a $200,000 deposit and complete the registration requirements by March 14 to participate, according to the Marshals Service.
This month's auction will consist of 14 separate blocks, with two blocks of 500 BTC, 11 blocks of 100 BTC and one block accounting for 70 BTC.
According to the release, the bitcoins were confiscated in "connection with various federal criminal, civil and administrative cases," ranging from federal trials to Drug Enforcement Agency actions.
The March 19 sale marks the latest bitcoin auction by the agency. Just last month, the U.S. Marshals auctioned off more than 3,600 bitcoins to five winning bidders, an amount worth more than $30 million at the time. It's also the second sale to take place within a nearly two-year period, given that prior to this year, the last auction occurred in mid-2016, when the agency sold 2,700 BTC
In what is perhaps a sign of how the value of bitcoin has increased since then, the coins on the docket that year were worth just $1.6 million at the time.
Auction image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.