On-chain data shows the US is one of the world’s largest Bitcoin holders, with its portfolio now exceeding $24 billion. However, recent events have shown that the possibility of the US government increasing its stash is very low. Particularly, the US government’s strategy for cryptocurrency took a new turn this week after Treasury Secretary Scott Bessent clarified that Washington will not be actively buying any additional Bitcoin.
Bessent Rules Out New Purchases But Leaves A Possibility
While speaking in a Fox Business interview, US Treasury Secretary Scott Bessent explained that the government has no plans to buy additional Bitcoin beyond its current reserve. The Treasury chief said the reserve will continue to be funded primarily through assets seized in criminal cases rather than direct purchases. His estimates place the value of the reserve between $15 billion and $20 billion.
Bessent later softened his position on social media, noting that even though the US is not allocating budgetary resources to acquire more Bitcoin, it is committed to “budget-neutral pathways” for expanding reserves to make the country the Bitcoin superpower of the world. The statement suggests that auctions, seizures, and non-traditional acquisitions could still increase holdings in the future, even if the Treasury avoids direct market buys.
Bitcoin Holdings Push Toward $24 Billion
Data from blockchain analytics platform Arkham Intelligence reveals a bigger picture than Bessent’s estimates of $15 billion to 20 billion. According to Arkham, wallets linked to the US government currently hold about 198,022 BTC, valued at approximately $23.42 billion. Many of these holdings originated from seizures related to criminal activity, including the well-known Silk Road case.
The portfolio, however, extends well beyond Bitcoin. Arkham’s data reveals holdings of about 59,951 ETH, worth $273 million, along with 347 million USDT and smaller allocations across other assets such as 750 WBTC, 40,293 BNB, 5,205 WETH, and 13.6 million BUSD. Taken together, the government’s digital asset holdings are valued at approximately $24.27 billion. This figure recently climbed as high as $25 billion during Bitcoin’s surge above $124,000 last week.
Earlier this year, President Donald Trump signed into law the creation of a strategic crypto reserve, a move many interpreted as the start of government-led Bitcoin accumulation. Trump himself had many investors increase their expectations after stating that the United States would prioritize US-based cryptocurrencies like BTC as part of its financial strategy.
This context is what made Bessent’s recent statement so significant. Although the reserve exists in law, the Treasury has now made it clear that active market purchases of Bitcoin are not on the table for the time being. However, it is clear that the US government isn’t planning to sell its holdings anytime soon, which might flood the market with selling pressure.
Featured image from Pixabay, chart from Tradingview.com
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