Share this article
Barry Silbert Releases Data on SecondMarket's US Marshal Auction Syndicate
SecondMarket CEO Barry Silbert has released new data related to his organisation's US government auction bid.
By Pete Rizzo
Updated Apr 10, 2024, 3:06 a.m. Published Jun 29, 2014, 3:01 p.m.
Make us preferred on Google
Barry Silbert
, CEO of bitcoin investment platforms SecondMarket and Bitcoin Investment Trust, has released new data regarding the auction syndicate that his entities formed to participate in Friday's US Marshals Auction of 30,000 BTC seized from online black market Silk Road.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The figures, while potentially unrelated to the final results to be confirmed Monday, provide evidence that Silbert's strategy to use a syndicate model was successful at opening the auction to a wider range of foreign and domestic investors.
Results of our US Marshals bitcoin syndicate: Bidders - 42 Bids received - 186 BTC quantity bid - 48,013 Winners notifed by USMS on Mon
— Barry Silbert (@barrysilbert) June 28, 2014
The SecondMarket syndicate was one of a handful of confirmed bidders to be participating in the auction, with others including Pantera Capital, Binary Financial and Bitcoin Shop. Those confirmations were preceded by a lengthier list of names accidentally leaked by the US Marshals Service (USMS) that gave insight into other potential participants.
Silbert
first announced his syndicate's auction plan on 20th June, issuing a statement to interested investors that said the syndicate would lower the minimum bid needed to participate from $200,000 –the amount required by the USMS to join the auction – to smaller bids between $25,000 and $50,000.
In total, Silbert reported that 42 bidders took advantage of SecondMarket and BIT's syndicate, and that the initiative garnered 186 individual bids on the assets.
Silbert also noted that the total value of the bids was 48,013 BTC or roughly $28.4m. At press time, the market value of the 30,000 BTC was roughly $17.7m.
For more on the strategies of other auction participants, read our full report.
Auction bidder image via Shutterstock
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Crypto stocks sink as spot volume plunges and bitcoin tumbles below $84,000
Bellwether crypto exchange Coinbase was lower for an 8th straight session on Thursday to its weakest level since May.
What to know:
- Already under severe pressure in January, most crypto-related stocks fell even further Thursday as bitcoin fell back below $84,000.
- Spot crypto trading volumes halved from $1.7 trillion last year to $900 billion, reflecting cooling market enthusiasm and cautious investor sentiment amid macroeconomic uncertainties.
- Those bitcoin miners who have pivoted business plans to AI infrastructure and high-performance computing continued to outperform.
Top Stories
