Arkham Finds $5 Billion In Bitcoin That Germany Could Still Claim

Germany’s liquidation of nearly 50,000 Bitcoin seized from the Movie2K piracy site in 2024 has drawn renewed attention after blockchain analysts identified another massive trove linked to the case.

On September 5, blockchain analytics firm Arkham Intelligence reported that approximately 45,000 BTC tied to Movie2K remains untouched.

What Can Germany do With the New Bitcoin Stash?

The new coins, valued at nearly $5 billion, are distributed across more than 100 wallets and have shown no activity since 2019.

Arkham suggested that the dormant funds are likely still controlled by the site’s operators.

BREAKING: ARKHAM IDENTIFIES $5B BTC THAT THE GERMAN GOVERNMENT FAILED TO SEIZEGerman police seized 49,858 BTC from the operators of Movie2K, a film piracy website, in early 2024. The government sold it in July 2024 for $2.89B at an average price of $57,900.It appears that… pic.twitter.com/l0w0OkdU0H

— Arkham (@arkham) September 5, 2025

The German authorities have not commented on whether they are aware of or pursuing these new funds.

Considering this, news of the unaccounted cluster has reignited debate over how governments should manage digital assets once confiscated.

Crypto advocates argued that German authorities missed out on significant profits by hastily selling the 49,858 BTC they had seized.

The liquidation, carried out at an average price of $57,900, generated €2.64 billion ($2.89 billion). That same haul would be worth more than $5 billion at current market levels.

As a result, they argued that Germany should reconsider its approach and explore treating seized Bitcoin as part of a sovereign reserve. According to them, these recovered coins could provide long-term value instead of one-off cash injections.

If the government pursues this strategy, it would rank among the largest state Bitcoin holders globally. According to Bitcoin Treasuries data, Germany would place fifth, just behind Ukraine.

Top 5 Bitcoin-Holding Governments Globally. Source: Bitcoin Treasuries

However, the chances of the German government embracing a Bitcoin reserve appear slim despite its recent pro-crypto moves.

Germany’s central bank President, Joachim Nagel, has dismissed Bitcoin as unsuitable for sovereign reserves. He described the asset as volatile, illiquid, and lacking the transparency expected of state-level assets.

Moreover, Nagel compared the flagship cryptocurrency to the Dutch Tulip Mania, warning that adopting Bitcoin could expose public finances to bubble-like risks.