U.S. government agency aims to sell 6.79 bitcoin in its second crypto auction this month

On the heels of its first ever bitcoin auction, U.S. General Services Administration (GSA) now plans to auction off 6.79 more bitcoin — a sum currently worth about $384,000.

The upcoming auction, which will begin on March 29, splits the Bitcoin into 10 lots. Bidding closes March 31 at 5 p.m. Eastern.

On March 17, GSA completed its first-ever crypto auction, selling 0.7501 Bitcoin at a nearly $9,000 premium. A total of 31 bidders made 204 total bids. A GSA representative told The Block that auction proceeds go to the Department of Treasury to be used for “other federal government missions.” 

Items sold via the GSA Auction platform are typically surplus federal property such as lab equipment, aircraft, real estate, seized property or gifts from foreign governments, according to the GSA representative.

The GSA declined to reveal how it obtained cryptocurrency, citing privacy concerns.