UK to Sell Almost $7B in Seized Bitcoin as Treasury Eyes Crypto Boost
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The United Kingdom’s Home Office is preparing to liquidate a massive cache of seized cryptocurrency—at least $7 billion worth of Bitcoin—according to a new report by The Telegraph.
The stash includes more than 61,000 BTC tied to a Chinese Ponzi scheme, now at the center of a legal tug-of-war between fraud victims and the UK government.
The Crown Prosecution Service is seeking approval from the High Court to retain the seized Bitcoin, which would then be transferred to the Treasury. The move has drawn attention from Chancellor of the Exchequer Rachel Reeves, who faces a mounting budget shortfall. Reeves has previously voiced support for crypto innovation, stating in April that robust regulation could “boost investor confidence, support the growth of Fintech and protect people across the UK.”
In a parallel development, the government is offering a contract worth up to $53.7 million to operate a centralized service responsible for holding and selling seized digital assets. The tender, posted by police-owned BlueLight Commercial on behalf of the Home Office, is set to last at least four years. However, no acceptable bids have been received yet.
One hurdle is the time lag between seizure and liquidation. According to the tender notice, simpler cases can resolve in under a year, but more complex ones may take three to four years to finalize. Still, the potential sale could offer a windfall for the UK Treasury while setting a new precedent for how governments handle large-scale digital asset seizures.
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