Bitget CEO Gracy Chen has put the chance of the U.S. government buying Bitcoin for its strategic reserve before President Donald Trump leaves office at close to zero.
Summary
- The U.S. reserve holds an estimated 198,000 BTC obtained mainly through forfeiture proceedings.
- Trump’s order permits additional acquisitions only through strategies that impose no extra taxpayer costs.
- Chen said active purchases would require a much larger policy decision and political debate.
- The no-sale rule removes potential government supply but does not create direct market demand.
Speaking in a recent interview, Bitget CEO Gracy Chen said the U.S. government is unlikely to begin buying Bitcoin for its strategic reserve within the next two years.
“From a policy perspective, it’s probably unlikely,” Chen said. “I just don’t see it coming right now.”
Chen said buying Bitcoin would require a more substantial policy decision than retaining assets already controlled by the government. Lawmakers and political parties would need to debate how any purchase program would work, particularly if public money or changes to federal accounting were involved.
Her assessment places the focus on the reserve’s funding rules rather than the administration’s public support for crypto. Trump created the reserve in March 2025, but the order did not provide money for regular purchases on exchanges.
Bitcoin reserve rules limit direct government purchases
President Trump signed the March 2025 executive order establishing the Strategic Bitcoin Reserve and the U.S. Digital Asset Stockpile on March 6, 2025.
Under the order, the Treasury Department must maintain custodial accounts for Bitcoin that has been finally forfeited through criminal or civil proceedings or received through civil penalties. Federal agencies were also instructed to review their holdings and report eligible assets to the Treasury.
Bitcoin transferred into the reserve “shall not be sold,” according to the order, although existing laws allow exceptions for court orders, victim restitution, law enforcement operations and certain asset-forfeiture requirements.
The White House did not completely prohibit the government from obtaining more BTC. Instead, the order directed the Treasury and Commerce departments to develop acquisition strategies that are budget-neutral and impose no additional costs on taxpayers.
No funding mechanism or purchase schedule accompanied the directive. Any plan involving new federal spending would require congressional authorization, while alternatives such as revaluing U.S. gold certificates would face separate legal and political hurdles.
An August reserve policy explainer from crypto.news said gold revaluation has been discussed as one possible funding route. Federal Reserve gold certificates are recorded at a statutory price of $42.22 per ounce, far below the metal’s market value, but using the difference to finance Bitcoin purchases would require legislation.
The reserve removes supply without adding demand
Public estimates have commonly placed U.S. government holdings near 198,000 BTC, equal to about 1% of Bitcoin’s circulating supply. The estimate includes coins connected to major forfeiture cases, though the government has not released a complete public audit confirming how much BTC has been finally forfeited and is eligible for the reserve.
The distinction between seized and forfeited assets matters because the government does not necessarily own every coin held in a federal wallet. Seized assets may remain subject to court proceedings, restitution claims, or eventual return to victims, while finally forfeited assets can become federal property.
At Bitcoin’s recent price near $78,000, a 198,000 BTC position would be worth about $15.4 billion. Its main market effect comes from the order’s prohibition on sales rather than an expected stream of government purchases.
Before Trump established the reserve, the U.S. Marshals Service regularly auctioned Bitcoin obtained in criminal cases. The government sold about 195,000 BTC before the reserve order, according to White House estimates, and administration officials argued that earlier sales cost taxpayers billions of dollars in unrealized gains.
Removing a large federal position from potential sale reduces one known source of market supply. It does not provide the recurring demand that would come from Treasury purchases made at set intervals or price levels.
Bitcoin investors initially expected the reserve announcement to support active accumulation, but the order stopped short of creating such a program. The market’s response therefore depends more on whether the administration identifies a lawful, budget-neutral funding method or Congress passes separate legislation.
Treasury has previously ruled out active Bitcoin buying
Treasury Secretary Scott Bessent gave a similar account of the government’s plans in August 2025, when he said the reserve would grow through confiscated assets rather than direct purchases.
“We’re not going to be buying that [Bitcoin], but are going to use confiscated assets and continue to build that up,” Bessent told Fox Business, adding that the government would “stop selling” its holdings.
A June review of the reserve reported that Bessent valued the federal position at between $15 billion and $20 billion at the time. The report also noted that the executive order asked officials to examine budget-neutral acquisition methods without authorizing an open-market buying program.
Congress could replace the current arrangement with a statutory reserve. Senator Cynthia Lummis’s BITCOIN Act proposed purchasing 1 million BTC over five years, while the American Reserve Modernization Act, introduced in May 2026, proposed a 20-year holding period without retaining the same 1 million BTC target.
Neither proposal has created an active federal purchase program. Congressional approval would also provide firmer legal protection than an executive order, which a future president can amend or revoke.
U.S. investors still face an uncertain reserve balance
For American investors, the reserve does not offer direct exposure comparable to shares in a spot Bitcoin exchange-traded fund. Its immediate relevance lies in federal supply management because the order limits when reserve coins can return to the market.
Public wallet trackers cannot determine the exact size of the reserve. Some services count Bitcoin held in government-linked addresses even when ownership, forfeiture status, or restitution obligations remain unresolved.
Federal custody activity can add to the uncertainty. In July, U.S.-linked wallets transferred nearly $297 million in seized Bitcoin and Ether to Coinbase Prime, including about 3,940 BTC valued at roughly $244 million at the time and 30,000 ETH worth about $53 million.
Coinbase Prime provides custody and trading services, so the transfers did not confirm a sale. Galaxy Research head Alex Thorn linked the Bitcoin to seizures involving Ryan Farace and the closed BTC-e exchange, while the Ether came from wallets tied to a separate federal case involving crypto storage and money laundering.
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