Bessent: No New Bitcoin Purchases for US Reserve

Treasury Secretary Scott Bessent said in August that the government would not purchase additional bitcoin for the reserve but would retain existing holdings acquired through criminal and civil asset forfeitures. The comments came amid ongoing congressional efforts to formalize the reserve’s structure and operations.

President Donald Trump signed an executive order in March establishing the Strategic Bitcoin Reserve, capitalizing it with bitcoin already owned by federal agencies through forfeiture proceedings. The order directed agencies to stop selling seized cryptocurrency and explore transferring digital assets to the centralized reserve.

The US Treasury Department continues to hold approximately 198,000 bitcoins worth an estimated $15-20 billion — primarily consisting of assets seized from criminal investigations. The US currently holds more bitcoin than any other known government. 

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Congress recently advanced legislation requiring the Treasury Department to study the reserve’s implementation within 90 days. The bill, HR 1566, mandates reports on custody arrangements, cybersecurity protections, and how digital assets would appear on federal balance sheets.

Several states have followed suit with their own bitcoin reserve initiatives. Texas enacted legislation creating a state Strategic Bitcoin Reserve in June, while New Hampshire passed a bill allowing state investment in digital assets with market capitalizations exceeding $500 billion.

The bitcoin reserve initiative faces scrutiny from economists, with a February University of Chicago survey finding no economists agreed that borrowing money to create a strategic cryptocurrency reserve would benefit the US economy.

Implementation details remain under development as the Treasury Department works to meet congressional reporting requirements and establish operational frameworks for the unprecedented digital asset reserve.



Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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