SecondMarket’s Bitcoin Investment Trust Syndicate Won 48,000 BTC in Latest Silk Road Bitcoin Auction

Bitcoin seized from Silk Road is being auctioned off by the US Government
Bitcoin seized from Ross Ulbricht is being auctioned off by the US Government

Earlier today, Barry Silbert, the former CEO of SecondMarket, took to Twitter to reveal that SecondMarket’s syndicate had won 48,000 BTC in the recent USMS Bitcoin auction. Silbert has since taken a step back from Second Market to pursue the promise of Bitcoin more specifically with his new Digital Currency Group.

As expected, the price of the winning bids has not been revealed; however, soon after the big reveal, the US Marshal’s Services confirmed via email that the claim was correct:

“The U.S. Marshals Service is confirming that the recent bitcoin auction resulted in two winning bidders. One bidder won 19 blocks, totaling 48,000 bitcoins, and the other won one block of 2,000 bitcoins. Because SecondMarket has voluntarily come forward, we can confirm that it was the winner of 48,000 bitcoins, and the transfer of those bitcoins was completed Monday.”

Bitcoin Auctions Aren’t a Rare Sight Anymore

All in all, the Bitcoin Investment Trust (BIT) facilitated 104 bids from eight different bidders. The first time around, during the BIT’s first run as an organized bidding syndicate, they received 186 bids from 42 bidders. This time, Second Market’s trading division head, Brendon O’Conner, told the New York Times that fewer first-time investors participated. The USMS still plans to auction off some 90,000 BTC at a yet undetermined date in the future. Likewise, in Australia, authorities are planning to auction off BTC seized during a drug-related raid.

What do you think about Second Market’s BIT winning 48,000 BTC? Comment below!

Images from Shutterstock.

Last modified: March 4, 2021 4:42 PM

Caleb Chen

Caleb is a graduate of the University of Virginia where he studied Economics, East Asian Studies, and Mathematics. He is currently pursuing his MSc in Digital Currency at the University of Nicosia.