Treasury Secretary Clarifies US Won't Buy Bitcoin, Will Rely on Seized Assets for Strategic Reserve

U.S. Treasury Secretary Scott Bessent clarified the Trump administration's approach to building a strategic Bitcoin reserve Thursday, stating the government will not purchase additional cryptocurrency but will continue accumulating holdings through asset seizures from criminal operations.

Speaking on Fox Business, Bessent said the US has "started a Bitcoin strategic reserve" but emphasized "we're not going to be buying that." Instead, the government will "use confiscated assets and continue to build that up" while pledging to "stop selling" existing holdings.

The comments appeared to dash expectations among some Bitcoin advocates who interpreted Trump's campaign promises as signaling taxpayer-funded purchases. Bitcoin advocates reacted sharply to Bessent's initial comments, with some accusing the administration of abandoning campaign commitments to build a sovereign Bitcoin reserve.

However, Bessent later posted on social media that "Treasury is committed to exploring budget-neutral pathways to acquire more Bitcoin," suggesting the administration remains open to acquisition methods that don't require direct government spending.

The US currently holds an estimated $20-23 billion worth of Bitcoin, primarily seized from criminal enterprises including the defunct Silk Road marketplace. The government's Bitcoin stash has faced scrutiny after reports suggested holdings may be lower than the 200,000 Bitcoin figure cited by administration officials.

Most of the government's cryptocurrency came from high-profile seizures, including approximately 178,000 Bitcoin from Silk Road operations , 94,636 Bitcoin recovered from the Bitfinex hack, and additional holdings seized from individuals convicted of stealing from the dark web marketplace.

Bessent's statement that the government will stop selling Bitcoin represents a significant policy shift, as the US has historically auctioned seized cryptocurrency.

The Treasury Secretary indicated the administration plans to seek congressional legislation to codify how the federal government manages digital assets alongside traditional reserves like gold, calling it a potential "great legacy" for President Trump.