The United States stands as one of the world’s major holders of Bitcoin, with its Bitcoin holdings soaring above $24 billion, according to on-chain data. Recent developments, however, indicate that the likelihood of the US government expanding its cryptocurrency reserves is slim. Just this week, US Treasury Secretary Scott Bessent made it clear that Washington does not intend to actively acquire more Bitcoin.
Bessent’s Stance on Future Bitcoin Acquisitions
During an interview with Fox Business, Treasury Secretary Scott Bessent emphasized that the government has no intentions of increasing its current Bitcoin reserve through new purchases. Bessent highlighted that the reserve will primarily be funded through assets seized in criminal cases rather than direct acquisitions. He estimated the reserve’s value to be between $15 billion and $20 billion.
Despite ruling out new purchases, Bessent hinted on social media that the US remains committed to exploring “budget-neutral pathways” to enhance its reserves, aiming to establish itself as a leading force in the global Bitcoin arena. This suggests that avenues like auctions, seizures, and unconventional acquisitions could still bolster the reserves, even without direct market purchases.
Bitcoin Holdings Approach $24 Billion Mark
Data from Arkham Intelligence, a blockchain analytics platform, paints a more comprehensive picture than Bessent’s estimates, indicating that wallets tied to the US government currently hold around 198,022 BTC, valued at about $23.42 billion. These holdings, originating from various criminal cases, including the infamous Silk Road episode, showcase the government’s involvement in the crypto space.
Aside from Bitcoin, the government’s digital asset portfolio includes approximately 59,951 ETH, valued at $273 million, as well as significant amounts of USDT, WBTC, BNB, WETH, and BUSD, totaling around $24.27 billion. This figure recently peaked at $25 billion amid Bitcoin’s surge above $124,000 last week.
Earlier this year, President Donald Trump endorsed the establishment of a strategic crypto reserve, sparking speculations about potential government-led Bitcoin accumulation. However, Bessent’s recent statement has clarified that while the reserve is in place, direct market purchases of Bitcoin are not in the immediate plans. Nevertheless, it’s evident that the US government has no intention to offload its holdings anytime soon, potentially mitigating market sell-offs.
