The Crown Prosecution Service has authorised Merseyside police to charge Choles, 42, with 11 counts of concealing, impersonating or converting criminal property, three counts of acquiring, using or possessing criminal property and one count of theft.
He is due to appear at Liverpool Magistrates' Court on 25 April.
Malcolm McHaffie, head of the CPS's Special Crime Unit, confirmed the charges in a statement and reminded the public of the accused's right to a fair trial.
He said: "It is extremely important that no messages, comments or information are shared online which in any way prejudice these proceedings."
The alleged thefts began in 2017, when bitcoin was worth around £1,200 per coin, which at the time was worth around £60,000. However, since then, the price of bitcoin has risen sharply, and at current market rates 50 BTC would now be worth more than £3 million ($4.1 million).
The NCA, which is tasked with tackling serious and organised crime in the UK, has yet to issue a statement on the matter.
The case bears similarities to that of Australian police officer William Wheatley, who was accused of stealing 81,616 bitcoins seized during a drug trafficking investigation in 2019.
Prosecutors charged him with theft, handling the proceeds of crime and misuse of confidential information. His defence argued that the case was based on circumstantial evidence. The charges were brought as part of Operation Viridian, which targeted criminal networks using cryptocurrencies for illicit transactions.
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