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21 Apr 2021

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.

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