EY to auction $13m worth of bitcoin

EY to auction $13m worth of bitcoin

The Australian arm of Ernst & Young is preparing to auction off around US$13 million worth of bitcoin that were confiscated as proceeds of crime.

The professional services firm says it has been engaged by an undisclosed client to offload the 24,518 bitcoins in an auction in late June.

Bitcoin has seen its value soar over the last week, hitting $535 on Monday, making the haul worth about $13 million.

EY partner Adam Nikitins says he expects interest from digital asset investment managers, bitcoin exchanges, and investment banks and hedge funds.

"With each lot of Bitcoin currently valued at more than AUD$1m, we are targeting sophisticated investors who can see the value of investing in a growing digital asset," says Nikitins.

The auction is an Australian first, although the US Marshals Service has sold off millions of dollars of bitcoins confiscated when the Silk Road black market site was shut down.

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