Bitcoin News Today: Strategy Buys 6,220 Bitcoin for $739.8 Million, Boosts Holdings to 607,770 BTC UK Plans $6.7 Billion Bitcoin Sale to Close Budget Deficit Amid Legal Disputes

Strategy, a prominent Bitcoin holder, has continued its aggressive accumulation strategy by purchasing an additional 6,220 Bitcoin for approximately $739.8 million. This acquisition, disclosed in a US Securities and Exchange Commission (SEC) filing, was made at an average price of $118,940 per coin. The purchase increased Strategy’s total Bitcoin holdings to 607,770 BTC, valued at over $72 billion. This move came as Bitcoin briefly surged past $122,000 before pulling back to around $118,000.

As a result of the latest acquisition, Strategy’s year-to-date Bitcoin yield increased to 20.8%, up from 20.2% last week. The company’s Bitcoin yield metric, introduced in August of 2024, measures the percentage change in the ratio between its BTC holdings and assumed diluted shares outstanding. The current yield stands just 4.2% short of its 25% target. Strategy’s Bitcoin yield once peaked at 74.3% in 2024.

Despite a slight slowdown in monthly acquisitions compared to previous months, Strategy remains the largest public holder of Bitcoin. Its Bitcoin yield also rose to 20.8% after this latest purchase. In terms of accumulation pace, Strategy’s July Bitcoin purchases so far total 10,455 BTC, down from 17,075 in June, 26,695 in May, and 25,370 in April. The firm is still the largest public holder of Bitcoin.

Meanwhile, the UK government is preparing to sell over £5 billion ($6.7 billion) worth of seized Bitcoin to help close a national budget deficit. The crypto was mostly confiscated from a Ponzi scheme, and is currently the subject of legal disputes involving victims and authorities. Critics argue the sale is premature and could actually harm the UK’s long-term crypto strategy.

The effort is being coordinated by the Home Office and Treasury Chief Rachel Reeves, in collaboration with law enforcement. The government is developing a secure system to store the crypto ahead of the proposed liquidation. Among the seized assets is at least 61,000 Bitcoin—which is currently worth around $7.1 billion—originally confiscated from a Ponzi scheme in 2018. The stash came to light after a hospitality worker tried to launder funds from the scheme by purchasing luxury property. She was later convicted of money laundering and sentenced to over six years in prison in May of 2024.

However, the sale of the Bitcoin is legally contested, as authorities and victims of the scheme demand its return. Susie Violet Ward, CEO of Bitcoin Policy UK, criticized the idea of a sale as premature, especially due to the ongoing legal disputes. The Crown Prosecution Service asked the High Court for permission to retain the assets, which would allow the proceeds to be distributed under the Proceeds of Crime Act—potentially compensating victims and funding police agencies involved in the case.

Freddie New, head of policy at Bitcoin Policy UK, pointed out that victims originally lost yuan rather than Bitcoin, which complicates efforts to return the assets. He explained that any sale would be subject to court-ordered compensation, and the remaining proceeds would potentially go to the Treasury and other recovery bodies. Despite legal and diplomatic complexities, the UK government seems very eager to liquidate its holdings. Critics argue the move is shortsighted. Jordan Walker of the Bitcoin Collective urged the government not to sell the Bitcoin, and warned that it could damage the UK’s long-term economic positioning. Bitcoin Policy UK also appealed to lawmakers in July of 2024 to consider amending laws to allow the country to keep valuable digital assets, though the request was reportedly ignored.