The U.S. authorities doesn’t maintain as a lot bitcoin as everybody thought — and the true quantity is blowing market watchers, traders and even U.S. lawmakers away.
For years, it was assumed the U.S. authorities held round 200,000 bitcoin (BTC) price billions of {dollars}. That was based mostly on on-chain knowledge from platforms like Arkham Intelligence, and backed up by media protection and coverage discussions round a “bitcoin reserve.”
However in accordance with documents launched by means of a Freedom of Data Act (FOIA) request, the U.S. Marshals Service (USMS) — the company accountable for holding and auctioning off seized belongings — solely holds 28,988 BTC price round $3.4 billion at current costs.
That’s round 15% of the earlier estimate.
The reality got here out due to impartial journalist Lola L33tz, who filed a FOIA request in March 2025. On July 17, she launched the official response exhibiting the USMS held method much less bitcoin than anticipated.
“In March, we filed a FOIA request for the quantity of bitcoin held by the US Marshal Service,” L33tz posted on social media. “As we speak, we publish the USMS reply to our FOIA request. In addition to the listing of bitcoin it holds, totaling 28,988.35643016 BTC.”
The quantity despatched shockwaves and panic, particularly because the U.S. authorities underneath President Donald Trump had beforehand introduced plans to deal with bitcoin as a strategic nationwide asset.
In March 2025, Trump signed an government order making a BTC reserve underneath the Treasury Division to advertise monetary sovereignty and technological management.
“This transfer harnesses the facility of digital belongings for nationwide prosperity,” the chief order learn.
Among the many loudest voices reacting to the information was Senator Cynthia Lummis (R-WY), a vocal bitcoin supporter. She’s alarmed that many of the authorities’s BTC may need already been offered.
“I’m alarmed by reviews that the U.S. has offered off over 80% of its Bitcoin reserves — leaving simply ~29,000 cash,” Lummis mentioned.
She additionally warned it will harm America’s place within the rising international bitcoin economic system.
Deeper evaluation, nevertheless, suggests the confusion could also be due to how the U.S. handles seized bitcoin.
The USMS holds forfeited belongings — that means belongings which were legally transferred to the federal government. However different federal companies just like the FBI, IRS, DEA, and DOJ additionally seize bitcoin throughout investigations and people cash are usually not authorities property but.
They’re in authorized limbo till a courtroom decides their ultimate standing.
So a few of the lacking BTC would possibly nonetheless be sitting with these companies. In keeping with Arkham Intelligence, the full government-controlled BTC would possibly nonetheless be round 198,000 BTC — however not all of it’s owned by the U.S. authorities.
This was highlighted in reviews that 94,000 BTC had been seized from the Bitfinex hackers, and a few or all of that is perhaps returned to the change or its collectors.
“(This) explains why the value motion was caught for therefore lengthy. Bullish,” mentioned Bitcoin Journal Chairman David Bailey, who had earlier supplied a $10,000 bounty for proof of the U.S. authorities’s precise holdings.
Others speculated that if these cash had been offered off quietly, it might have suppressed the value for months and even years.
However on-chain analysts say there’s no proof of such an enormous sale. Arkham Intelligence has not recorded any important government-linked BTC liquidation occasions that may assist claims of an 85% sell-off.
The confusion has highlighted the dearth of transparency in how the U.S. manages digital belongings.
Critics argue that if bitcoin is actually a strategic asset — particularly in a time of excessive inflation and national debt — then the federal government ought to be extra open about what they maintain and the place.
For now, different U.S. companies stay silent about how a lot bitcoin they maintain, the place they’re, and the way a lot is definitely the property of the U.S. authorities, leaving analysts and fanatics with solely the info that on-chain evaluation instruments present.
