Website screenshot of Silk Road Anonymous Marketplace. Source: Jarretera - stock.adobe.com

Key Takeaways:

The U.S. Supreme Court has declined to hear a case regarding the ownership of 69,370 Bitcoin seized from the Silk Road marketplace.
Battle Born Investments’ claim to the confiscated Bitcoin was rejected by lower courts in 2022 and 2023.
The U.S. government is now expected to proceed with selling the seized Bitcoin, potentially impacting the market.

The U.S. Supreme Court has declined to hear an appeal regarding the ownership of 69,370 Bitcoin, worth $4.38 billion, seized from the Silk Road dark web marketplace.

Battle Born Investments had claimed ownership of the Bitcoin through a bankruptcy estate but was unable to convince lower courts.

SUPREME COURT GREENLIGHTS U.S. GOVERNMENT TO SELL $4.4 BILLION IN SEIZED SILK ROAD BITCOIN

Dump Incoming?

– The U.S. Supreme Court declined to hear the case over 69,370 Bitcoin seized from a Silk Road-linked wallet, allowing the government to move forward with its sale of the… https://t.co/riFlywUWTk pic.twitter.com/80LolRP9GH
— BSCN (@BSCNews) October 7, 2024

With the Supreme Court’s refusal, the U.S. government is likely to proceed with selling the confiscated Bitcoin.

This follows a San Francisco appellate court’s ruling that Battle Born lacked a valid claim.

The government has already moved $2 billion worth of Silk Road Bitcoin this year, using Coinbase Prime.

Large Bitcoin liquidations by governments have previously caused market volatility.

It remains uncertain how the government will handle the remaining assets, while political candidates have differing views.

Donald Trump has pledged to build a “strategic Bitcoin stockpile” and pardon Silk Road founder Ross Ulbricht if elected, while Kamala Harris has yet to share her position on the matter.

Ulbricht is serving a life sentence for drug distribution and money laundering.