Trying to find advice and info about selling BTC

[ritenhouse]

Hello, I am trying to figure out a good reputable place or platforms to look for a buyer/buyers for a very large amount of bitcoin.
Basically, I have a holder of Bitcoin wanting to sell. They have roughly 392,000 BTC, and invested very early and held on to it.
Any advice or recommendations would be very much appreciated.
If this goes against any rules on here please let me know and I will remove it. Thank you.

[stompix]

Let me just check how this sounds:

-I know a guy who has 12 billion in Bitcoins and plans to sell it
-Let me seek advice from complete strangers on a forum without even mentioning what country are we looking for as I doubt the conditions would be the same for Turkey or United States or Japan.
-Since you mention "buyers" do you really think your bank will not raise the mothers of all red flags parade when even a fraction of that sum will hit your personal account coming from strangers and foreign accounts?

Assuming you're not trolling which is pretty hard to consider, or looking to scam somebody with the same meet me in Dubai story, the answer would be pretty simple, the most trustable exchange that serves your country, and for that amount, every single exchange will do an OTC deal. But 392k BTC,

[Don Pedro Dinero]

Assuming you're not trolling which is pretty hard to consider, or looking to scam somebody with the same meet me in Dubai story <...>

Clearly, it can only be those two things. Either a kid writing from his mom's basement because he's bored, making up a story like that, or an attempt at a scam, and you have to be very stupid for someone to fall for a scam like that, so you also have to be very stupid to make it up; so I'm going for the first option.

[ritenhouse]

yeah, i know how it sounds and ive been heckled everywhere else ive tried to seek advice. I am mostly new to crypto and we had a client approach us with this. we have verified the wallet and amount. we are located in the USA, as well as the client. we usually don't deal with Crypto but it such a large client of course we said we would try and help him find a buyer. not a scam, troll or anything like that. i suppose im not that surprised at this point with the skepticism. but honestly if i can find a buyer i get a 10% percent commission from what my boss makes, so of course i told him id try.

[Lakai01]

i suppose im not that surprised at this point with the skepticism.

I'm just going to assume your request is serious (although no one who understands Bitcoin and market movements would sell that many coins at once, as you're hurting yourself significantly):

Some large exchanges have "institutional" branches to serve large customers, both for large purchases and for large sales. One of these exchanges is "Coinbase Institutional" which also offers its services to customers in the USA. So you could contact them first, maybe they can help you.

[ritenhouse]

@Lakai01 Thank you very much. i will check it out. its nice to actually get a competent serious response. i was about to give up

[terrific]

I have this doubt that if someone owns that huge number of Bitcoin will just have to sell it on an OTC or through exchange that's known there.

but honestly if i can find a buyer i get a 10% percent commission from what my boss makes, so of course i told him id try.

How did you find this guy? Through freelance platforms? Do you know him personally? Because IIRC in some freelance groups, there have been clients that have also tried to offer almost the same thing but in relation with money laundering and promised also some commission.
If this is for real, load it up on the exchanges that's supported on that client's country or USA then sell those, no need to find any buyer on that because surely in any exchange, they can easily be sold but it won't be a big sale just like 392k on one sell order. You need to do it gradually.

[ritenhouse]

@Terrific My boss had a business friend approach the company looking for assistance (he's a broker who knows the holder). my boss said he would try and help, so he verified everything himself. We are a business acquisition company normally but i don't know anyone who would say no to a commission of that size, so we are trying to help find a buyer/buyers. but none of the others are familiar with crypto and ive dabbled in it a little with Ethereum, and i would like a cut of the commission as well.

[ritenhouse]

i am contacting coinbase to see about trying your method. i was told there would be a significant loss during all the transactions it would take to cash it all out, and it would take years with the small amounts your able to cash out daily. but hopefully we can work with coinbase to get it done more quickly and the seller can get at least some money starting to roll in. im assuming taxes are going to be a nightmare though.

[terrific]

@Terrific My boss had a business friend approach the company looking for assistance (he's a broker who knows the holder). my boss said he would try and help, so he verified everything himself. We are a business acquisition company normally but i don't know anyone who would say no to a commission of that size, so we are trying to help find a buyer/buyers. but none of the others are familiar with crypto and ive dabbled in it a little with Ethereum, and i would like a cut of the commission as well.

I understand, that's a decent chunk if ever the sale becomes successful.

i am contacting coinbase to see about trying your method. i was told there would be a significant loss during all the transactions it would take to cash it all out, and it would take years with the small amounts your able to cash out daily. but hopefully we can work with coinbase to get it done more quickly and the seller can get at least some money starting to roll in. im assuming taxes are going to be a nightmare though.

Good luck, and that's normal to have some losses you'd say because of the taxes that you're obliged to do so and the fees that will be taken from there. I have no experience with selling bulks and how the process go but for small sales that I have made, the fees aren't really a problem at all.

[Dr.Bitcoin_Strange]

Well, OP, it is quite hard to believe this story because if you have 392,000 BTC, I doubt you will actually come here to announce the sum of Bitcoin in your possession or of anyone you know.

Let's assume your story is true and the Bitcoin is not in a wallet that has not been flagged. The advice I will give is: sell those coins in small fractions, and while you do so, don't deposit in an exchange that requires you to pass KYC. You can deposit small fraction in a non-KYC exchange, convert to Fiat, and withdraw to your faith wallet. Then you can deposit the Fiat in another exchange where you can trade it to your bank account.

[goaldigger]

That’s a lot of money and if this is for real, why bothering to ask here when in fact you should already know where to sell since you’re an early investor here and know what’s the best for that money. Exchanges might be the option but better not to transact everything in an instant, P2P is also good. Mind to share at least the country so we can know what services is available on that area?

[salad daging]

I'm not so sure about this story although some people took it seriously to give advice and solutions.

If it's you or a company, they must have a way to sell it at least with such a large amount in bitcoin you should have a financial advisor because paying them will not be much, so the financial advisor will know better than us.

Yes even though I still this is a made up story.

[Silberman]

Hello, I am trying to figure out a good reputable place or platforms to look for a buyer/buyers for a very large amount of bitcoin.
Basically, I have a holder of Bitcoin wanting to sell. They have roughly 392,000 BTC, and invested very early and held on to it.
Any advice or recommendations would be very much appreciated.
If this goes against any rules on here please let me know and I will remove it. Thank you.

You are trolling us or you are the one being played, there is no other way around it, no one with the exception of Satoshi and maybe a few whales have that amount of bitcoin, and if they wanted to sell some of those coins you can be sure they will be able to hire the best lawyers, accountants and any other services they may like or need for a fee way cheaper than the 10% you were promised, so if you are not trying to scam us then you are the one that could be scammed.

[ritenhouse]

hmmm some good points by you guys. now I have not verified the wallet myself so you guys are making me worried its somehow not real. but my boss said its verified and legal documentation in place, lawyers etc. but now i wonder why would'nt the holder just have a way to do this himself or privately? hmm. but hopefully its real lol.

[rat03gopoh]

Assuming this is serious, you just need to look for an OTC trading broker. You know if it's a large amount, then you need to look for some. European and middle eastern states like the UAE and there seem to be a few markets that have ample liquidity to handle most of them.
Or in another way, just open your own CEX that only serves sales to users all over the world.

[Yamane_Keto]

If we review the Bitcoin investors with 392k Bitcoins, we will find that their number is limited. if your friend creates a cryptocurrency exchange with about 5k Bitcoins, you will definitely be among the top 3 crypto in less than 24 hours.
Can your friend sign a message from bitcoin address with balance of 1k Bitcoin or at least buy a VIP account which will cost you only 50 Bitcoins.

[jrrsparkles]

OTC platforms are the place where you can generally sell BTC in bulk amounts but I am not sure even that platform can handle 392KBTC.

If you are really serious about selling such amount then break into multiple small amounts like 500BTC for a day and choose the exchange where there is enough liquidity for example Binance and get verified before depositing funds and be ready tp pay taxes after converting into fiat.

[dzungmobile]

You can take profit when others are greed and by this approach, you can use two charts.

https://www.lookintobitcoin.com/charts/relative-unrealized-profit--loss/
https://www.lookintobitcoin.com/charts/bitcoin-fear-and-greed-index/

When those charts show most of people are greed, FOMO, you will have good opportunities to taken profit. It won't help you to take profit at all time high, top but you will not miss chances to gain profit.

But what, 392k BTC. Seriously, who have it?

[slaman29]

Funny reading most of the comments. People who hold a lot of Bitcoin know about OTC, and they won't be finding out things with OP's account n this forum, and will not even say the exact amount.

Much easier to just KYC at some actually registered big exchange like Coinbase (I bet the people are US/UK). Use their OTC service. Pay taxes.

392k is a small amount for these big OTCs who anyway pool the sales.