Bitcoin Shop Submits Registration With U.S. Marshals Service for Bitcoin Auction
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The Future is Binary – Bitcoin Shop, Inc. (OTCQB: BTCS) (the “Company”), a virtual currency ecommerce marketplace http://www.bitcoinshop.us, today announced that it has submitted its registration with the U.S. Marshals Service (USMS) in connection with the USMS Bitcoin Auction.
The USMS is auctioning approximately 30,000 bitcoins currently valued at approximately $18 million. The bitcoins were confiscated from Silk Road, an online marketplace shut down by the U.S. Government in October 2013. An online auction will take place on June 27, 2014 with potential buyers required to make a refundable deposit of $200,000 for eligibility. The Company has wired $200,000 to the USMS and submitted the applicable registration forms for the opportunity to participate in the auction, however, our registration is still subject to the approval of the USMS. In the event that our registration is not approved, the $200,000 deposit will be returned to us and we will not be able to bid in the USMS auction.
Charles Allen, Chief Executive Officer of Bitcoin Shop, commented, “We believe in the future of virtual currencies and have made a strategic decision to participate in this unprecedented opportunity by wiring the deposit and submitting a registration application to the USMS. We look forward to updating shareholders on the status of our application and any subsequent bid after June 27, 2014.”