Governments around the world are rethinking what belongs in a national treasury. The United States now holds roughly 328,000 Bitcoin — and has formally decided not to sell it. This article breaksGovernments around the world are rethinking what belongs in a national treasury. The United States now holds roughly 328,000 Bitcoin — and has formally decided not to sell it. This article breaks

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Bitcoin Reserve: What It Is, How It Works, and Who Has One

ผู้เขียน: เจมส์ มิตเชลล์

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Sep 21, 2026เจมส์ มิตเชลล์

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#Intermediate #Bitcoin (BTC)

Governments around the world are rethinking what belongs in a national treasury.

The United States now holds roughly 328,000 Bitcoin — and has formally decided not to sell it.

This article breaks down what a strategic Bitcoin reserve actually is, how the US policy works, which countries and states have moved forward, and what the honest case for and against it looks like.

Key Takeaways

The US holds approximately 328,372 BTC — the largest known government Bitcoin reserve in the world — funded entirely by seized and forfeited assets, not taxpayer dollars.
President Trump signed Executive Order 14233 on March 6, 2025, formally establishing the US Strategic Bitcoin Reserve with a strict no-sell policy.
New Hampshire and Texas are the first US states to sign bitcoin reserve legislation into law, while dozens of other state bills have stalled or been rejected.
Globally, El Salvador, China, the UK, and Bhutan also hold significant Bitcoin quantities — through purchases, seizures, or state mining.
Bitcoin's fixed supply of 21 million coins is the central argument for treating it as a reserve asset, but its price volatility and political reversibility remain the strongest counterarguments.
The US reserve still lacks permanent congressional authorization as of mid-2026, meaning it could be reversed by a future president without legislative action.

What Is a Bitcoin Reserve?

A Bitcoin reserve is a government-managed stockpile of Bitcoin held as a long-term national asset — not traded, not auctioned, and not spent on day-to-day operations.

The concept mirrors how countries have long managed gold reserves or emergency oil stockpiles: you accumulate the asset when you can, hold it for the long haul, and treat it as a financial backstop.

What sets Bitcoin apart from gold or oil is its fixed supply.

There will only ever be 21 million BTC in existence, which means no government can inflate it away the way they can print more money.

That hard cap is the central argument for treating BTC as a reserve asset rather than just a speculative holding.

How the US Strategic Bitcoin Reserve Works

On March 6, 2025, President Trump signed Executive Order 14233, formally establishing the US Strategic Bitcoin Reserve alongside a separate US Digital Asset Stockpile for non-Bitcoin crypto assets.

The reserve is funded entirely by Bitcoin already owned by the federal government — seized from criminal investigations, civil forfeitures, and penalty payments — not by taxpayer dollars.

The White House confirmed that Bitcoin deposited into the reserve "shall not be sold" and must be maintained as a reserve asset of the United States.

The Secretaries of Treasury and Commerce were authorized to develop budget-neutral strategies for acquiring additional BTC — meaning any expansion of the reserve cannot cost taxpayers anything extra.

As of early 2026, the US holds approximately 328,372 BTC, making it the largest known government Bitcoin holder in the world.

However, the reserve still lacks permanent congressional authorization.

Senator Cynthia Lummis has introduced the BITCOIN Act, which would authorize the Treasury to purchase up to 1 million BTC over five years — but it has not yet passed.

The most likely legislative pathway is through the National Defense Authorization Act later in 2026.

Which Countries and US States Have a Bitcoin Reserve

Sovereign Bitcoin adoption is no longer limited to one country.

Here is where things actually stand.

Countries Currently Holding Bitcoin

United States holds approximately 328,372 BTC — almost entirely from law enforcement seizures and forfeitures — and is the largest known government holder globally.
El Salvador became the first country to adopt Bitcoin as legal tender in 2021 and holds approximately 7,600 BTC accumulated through direct market purchases and mining, making it the clearest example of deliberate sovereign Bitcoin strategy.
China holds an estimated 190,000 BTC, mostly from the PlusToken Ponzi scheme seizure, though Beijing maintains a publicly anti-crypto stance — a notable contradiction.
United Kingdom controls approximately 61,000 BTC acquired through law enforcement actions.
Bhutan takes a different approach entirely: its state-owned investment arm mines Bitcoin using surplus hydroelectric power rather than buying or seizing it.
Brazil introduced legislation in early 2026 proposing a national Bitcoin reserve called RESBit, with a goal of accumulating up to 5% of the country's $344 billion in reserves — though it has not yet passed.
Pakistan announced in 2025 that it would allocate surplus electricity to Bitcoin mining as part of a broader strategic reserve plan.

US States With a Bitcoin Reserve Law

The state-level Bitcoin reserve race has produced a handful of genuine laws — and a longer list of stalled bills.

New Hampshire moved first and farthest: Governor Kelly Ayotte signed HB 302 into law on May 6, 2025, allowing the state treasurer to invest in digital assets with a market cap above $500 billion — a threshold only Bitcoin currently meets.

Crucially, unlike the federal reserve, New Hampshire's law permits active purchases, not just holding seized coins.

Texas followed on June 22, 2025, with Governor Greg Abbott signing SB 21 into law — creating the Texas Strategic Bitcoin Reserve funded by legislative appropriations.

Arizona passed HB 2749, but took a more limited approach: the reserve can only be funded through seized crypto, unclaimed digital property, staking rewards, and airdrops — no tax dollars and no direct purchases.

States including North Carolina, Oklahoma, Pennsylvania, Florida, Wyoming, and Montana introduced their own Bitcoin reserve bills, though most stalled in committee or were rejected.

The Case For and Against a Bitcoin Reserve

Reasonable people disagree on this one — and the disagreements are worth understanding.

The Case For a Bitcoin Reserve

The core argument comes down to supply.

Governments can print more money; they cannot print more Bitcoin.

With a hard cap of 21 million BTC, proponents argue that holding Bitcoin alongside gold and foreign currency reserves offers genuine protection against long-term inflation and currency devaluation.

Bitcoin also moves across borders instantly and at low cost — unlike gold, which requires physical transport and diplomatic arrangements.

A third argument is geopolitical neutrality.

Unlike the US dollar, Bitcoin is not controlled by any central bank, which makes it attractive for nations looking to reduce dependence on dollar-denominated reserves — especially after roughly $300 billion in Russian assets were frozen under sanctions in 2022.

Finally, the US reserve was built at essentially zero cost to taxpayers, funded by assets seized from criminals rather than public funds.

The Case Against a Bitcoin Reserve

The strongest counterargument is volatility.

Bitcoin dropped from approximately $126,000 in October 2025 to around $68,000 by the end of Q1 2026 — a decline of nearly 45% over six months.

No traditional reserve asset behaves that way, and a government holding billions in an asset that volatile faces real balance-sheet risk.

There is also the yield problem.

Gold does not generate income, but it holds value relatively steadily.

Bitcoin generates no yield at all unless actively deployed, yet carries far greater price risk than bonds or even gold.

Political risk is a third concern.

The US Strategic Bitcoin Reserve was created by executive order, which means any future president could reverse it on their first day in office without congressional approval.

Finally, in a February 2025 survey of economists at the University of Chicago, not a single economist agreed that borrowing money to create a strategic crypto reserve would benefit the US economy.

Frequently Asked Questions

What is a strategic Bitcoin reserve?

A strategic Bitcoin reserve is a government-held stockpile of Bitcoin managed as a long-term national asset, similar in concept to gold reserves or an oil stockpile.

Does the US have a Bitcoin reserve?

Yes — President Trump established the US Strategic Bitcoin Reserve via Executive Order 14233 on March 6, 2025, funded entirely by government-seized Bitcoin.

How much Bitcoin does the US government hold?

As of early 2026, the US holds approximately 328,372 BTC, making it the largest known government Bitcoin holder in the world.

Which countries have a Bitcoin reserve?

The United States and El Salvador have the most formalized Bitcoin reserve policies; China, the UK, and Bhutan hold significant quantities through seizures or mining.

Will Bitcoin become a global reserve currency?

It is possible but not certain — Bitcoin's fixed supply and decentralized nature give it reserve-asset characteristics, but its volatility and lack of congressional permanence remain significant obstacles.

What is the current status of the US strategic Bitcoin reserve in 2026?

The reserve holds approximately 328,372 BTC under a no-sell executive order, but still lacks permanent congressional authorization as of mid-2026.

Conclusion

Sovereign adoption does not eliminate risk — but it does change Bitcoin's long-term narrative.

When the world's largest economy formally declares it will not sell its Bitcoin, that signals something meaningful about where institutions and governments see the asset going.

For investors who want to track BTC prices or position themselves ahead of policy developments, staying on top of reserve news is increasingly part of understanding the market.

You can monitor Bitcoin's live price and trade BTC on MEXC.

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