The U.S. Marshals Service is auctioning nearly $40 million in bitcoin, the first such auction since the end of 2018.

The Marshals will auction "approximately" 4,040 bitcoin, worth $37.7 million at press time, according to CoinDesk's Bitcoin Price Index, to registered bidders on Feb. 18, the press release said. Potential bidders must register by Feb. 12.

"The auction will take place during a six-hour period Feb. 18. Bids will be accepted by email from pre-registered bidders only," the release said.

Bidders will also be required to make a $200,000 deposit before being able to bid. Participants who do not win their bids will receive these back.

The bitcoin will be sold in four lots, with 2,500, 1,000, 500 and 40.54069820 bitcoin each. The first three lots are further split into blocks, each with their own set number of bitcoin.

https://www.usmarshals.gov/assets/2020/febbitcoinauction/
The U.S. Marshals will auction 4,040 bitcoin in four lots later this month. (Image via U.S. Marshals)

The bitcoin for this month's auction come from more than 50 administrative forfeitures and legal cases, according to the Marshals' website.

The agency has auctioned bitcoin since at least 2014. It most recently auctioned 660 bitcoin in November 2018, and raised well over $50 million in auctions during that year alone.

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