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Strike founder and CEO Jack Mullers launched a new debate Wednesday night about Washington’s still-secret Bitcoin balance. The US government claimed that its position is “too small” to withhold numbers.
“The US does not disclose BTC holdings. Why? Because they realized they don’t own them well,” Mallers posted on X.
The US Bitcoin silence suggests a bigger problem
In the video attached to the post, the 30-year-old entrepreneur expanded his point. He praised the administration’s decision to create an SBR in March, but said it had insufficient follow-through. “The US government has given us that we are not fully auditing Bitcoin owned by the US government. Clearly, the information is sensitive or will make it clear.
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President Donald Trump’s executive order 14233 on March 6th formally established the Strategic Bitcoin Reserve along with a broader digital asset stockpile, framing Bitcoin as a “valuable storage for the global financial system.” Follow-up White House fact sheet highlighted its goal of “positioning the United States as a national leader in government’s digital asset strategy.”
However, when the administration announced its 163-page digital asset strategy on July 30, the document provided only fleeting references to SBR and hard figures. Robert “Bo” Hines – Executive Director of the Presidential Advisory Council on Digital Assets – “We can’t discuss that now… there are a few reasons why we haven’t revealed it at this point.”
In the past few months, Hines’ tone has not been an apology. “We want as much Bitcoin as possible and we’re going to continue working on it,” he described Bitcoin as “digital gold” in another interview.
For years, analysts believed that the US government controlled more than 200,000 BTC thanks to the Silk Road, Bitfinex Hacks and other confiscations. However, response to the Freedom of Information Act, released in mid-July, showed that the former US s-service owns just 28,988 BTC.
Separate on-chain data confirmed that the federal wallet had sent as much as 30,175 BTC to Coinbase Prime in April 2024, with an additional $1.9 billion transfer added in December 2024.
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The Maraz seized these numbers. “I think Democrats sold that bundle of Bitcoin and they don’t want to announce anything until they can build a position,” he said.
Market background
Bitcoin has been trading above $114,000 after peaking at $123,000 last week, up over 100% year-on-year. The float is already constrained. Approximately 92% of all coins are mined, with the large strips sitting in the purse of dormant or long-term holders. If the Treasury accelerates the purchase of SBR (as Mallers predicts), progressive buy-side pressure can tighten supply even further.
From the vantage point of Maraz, the political embarrassment he describes is ultimately a price positive. “If the US wants to plant a flag as a crypto capital, then it has no choice but to accumulate. That’s a bullish takeaway. We’re talking about the buyer with the deepest pockets on the planet.”
Whether Congress will mess up those purchases is another matter. Senator Cynthia Ramis has reintroduced a bill that directs the Treasury to obtain up to 1 million BTC in five years, but the Approximate Committee has not yet scheduled a hearing.
At the time of pressing, BTC traded for $114,572.
Featured images created with dall.e, charts on tradingview.com
