The UK is now the second largest government holder of Bitcoin, but the crown will slip. The UK currently holds 61,250 BTC, worth approximately $7.27 billion at today’s price, according to Arkham Intelligence. These coins were seized by UK authorities in connection with an investment fraud targeting Chinese nationals. The assets remain frozen, and legal efforts are ongoing to determine their rightful ownership and whether they will be returned to victims or confiscated under UK law. Until that process concludes, the UK cannot legally forfeit or sell the coins. Once the ruling is made, the coins are likely to be returned or liquidated. In the meantime, those coins are being custodied by Komainu. With the national crypto custody tender now live, that arrangement could change by the end of the year. The risks of state custody are real. Just last week, a UK National Crime Agency officer was jailed for stealing seized bitcoin from a dark web suspect. Bitcoin shines a light on criminals outside the system and those hiding within it. The UK may be the second largest government holder of Bitcoin… for now. But with legal rulings pending and custody contracts in flux, the question is how much longer. H/t @L0la L33tz ⚡️