Treasury Secretary Bessent Discloses U.S. Government Has $17 Billion in Bitcoin Holdings

U.S. Treasury Secretary Scott Bessent shared insights into the government's approach to Bitcoin during a private dinner on October 7 with executives from the Bitcoin mining industry. The gathering included CleanSpark Executive Chairman S. Matthew Schultz and Senate Banking Committee Chairman Tim Scott. Discussions ranged from legislative efforts to broader economic matters, highlighting the increasing dialogue between policymakers and the sector.

Schultz recounted the evening in a post on social media, noting conversations about the market structure bill, the overall economy, candidates for the next Federal Reserve chair, and the Strategic Bitcoin Reserve. He quoted Bessent as stating that the "U.S. holds about $17 billion in Bitcoin" and has no intention of selling, with plans to keep adding to those reserves. Schultz emphasized the significance of such direct engagement, describing it as a pivotal moment for miners to influence national strategies on energy, infrastructure, and digital assets.

Questions Arise Over Exact Size of Government Bitcoin Holdings

The $17 billion figure mentioned by Bessent has drawn attention because it differs from estimates tracked by blockchain analytics firms. Platforms like Arkham Intelligence report that the U.S. government controls 198,021 BTC, an amount valued at more than $24 billion based on recent market prices near $122,000 per coin. This gap of roughly $7 billion suggests the official tally might reflect a much smaller holding than originally thought or tracked by various analytics platforms.

Such details come at a time when transparency around federal digital asset positions remains a point of debate. President Donald Trump's executive order on March 6 established the Strategic Bitcoin Reserve, aiming to treat Bitcoin as a strategic asset similar to oil or gold reserves. The order directed agencies to report their holdings to the Treasury by early April, but those submissions have not been made public despite earlier hints of openness.

Bo Hines, who helped shape early crypto policies in the administration, had signaled interest in disclosing Bitcoin amounts to build trust with markets and investors. His departure from the White House in August left that initiative unresolved, amid growing scrutiny over how the government manages its crypto portfolio. Without full visibility, people begin to wonder if the $17 billion reference means the U.S. government holds much less than originally thought or if the there is a discrepancy somewhere in the reporting.

The meeting also underscores a shift in how Washington views Bitcoin mining as a key component of energy innovation and national security. Schultz highlighted talks on land access, power resources, and even sovereign artificial intelligence, areas where mining operations intersect with federal priorities. As institutional interest in Bitcoin surges, with exchange-traded funds now holding hundreds of thousands of coins, the U.S. appears committed to leading in digital asset stewardship.

Bessent's comments align with the executive order's focus on budget-neutral growth for the reserve, potentially through swaps or additional seizures rather than direct purchases. This approach avoids straining public finances while positioning Bitcoin as a hedge against inflation and a tool for economic resilience. Miners like those at CleanSpark stand to benefit from clearer regulatory paths, especially as the market structure bill advances through Congress.

Broader adoption continues to reshape the landscape, with corporations and nations building Bitcoin positions. The U.S. strategy could encourage similar moves globally, reinforcing America's role in the evolving crypto ecosystem.