Saxony Sells 50,000 Bitcoins for €2.6 Billion, Missing Out on €450 Million Gain
Last week, the German state of Saxony sold 50,000 bitcoins, netting a total revenue of 2,639,683,413.92 euros. The sale, conducted through the bank Scheich, took place over three and a half weeks, with most bitcoins sold 'market-sensitive' over the counter in a large number of small transactions.
The sale, which occurred between June 19 and July 12, resulted in a profit of 52,944 euros and three cents per bitcoin. Despite the profit, Saxony missed out on a nearly half-billion euro gain due to a price increase after the sale. The bitcoin price fell below 50,000 euros during the sale and then rose to over 60,000 euros.
The sale accounted for a very small part of the total trading volume. The General Prosecutor's Office activated an 'emergency sale' due to a potential significant loss, indicating a swift response to market fluctuations.
The sale of 50,000 bitcoins by Saxony, while profitable, could have yielded a higher return had it not been for the price increase post-sale. The specific legal basis for this sale is complex and likely depends on the details of the case, with relevant laws potentially including the VwVfG, JGG, StPO, StGB, and specific orders from the justice ministries or federal government guidelines.
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