Finland has sold its stash of seized Bitcoins, collecting less money than expected, just as the cryptocurrency market is slowing down.
The Customs reported in an emailed statement on Thursday that it sold 1,889.1 Bitcoins over the course of the summer through two brokers, raising 46.5 million euros ($47.5 million). The coins had been taken during narcotics busts, and after court decisions, they had been legally forfeited to the state.
At the height of the cryptocurrency surge last year, the stake was worth about $130 million, but Finland made no attempt to timing the market with its sale. Before 2018, police seized the majority of the virtual money during raids, and they have taken their time deciding what to do with it.
The Customs issued a tender in July 2021 to brokers looking to assist in converting digital assets into fiat cash, and two firms were ultimately chosen in April to carry out the transaction.
While the US government was the first to auction off Bitcoins that had been seized in a criminal probe in 2014, other nations have progressively followed suit.
In addition to an undetermined number of other cryptocurrencies, Finnish Customs continues to hold 90 Bitcoins that are pending a court decision for forfeiture.
