Treasury Advances Strategic Bitcoin Reserve, Holds 328,372 BTC

Treasury Secretary Scott Bessent testified to the Senate Finance Committee on Wednesday that the department is advancing a strategic Bitcoin reserve and a broader digital asset stockpile ordered by President Donald Trump in 2025.

Bessent reported that the Treasury currently holds 328,372 bitcoin, valued at roughly $215 billion at the time of publication. He described the work as part of the department’s digital assets initiative and said officials were implementing the reserve with deliberate speed.

Officials have populated the reserve largely with cryptocurrency seized in criminal and national-security cases. Treasury had not announced plans for further acquisitions as of March, and agency officials described the effort as new territory for the department.

“We are moving forward very quickly on that. Part of that is our digital assets initiative. This is new technology and new ground; we are proceeding with all deliberate speed and making sure we use best practices so things will be durable for the future,” Bessent testified.

When pressed about whether roughly $1 billion in digital assets seized from Iran since February are included in the reserve, Bessent declined to confirm the provenance of those holdings. Treasury’s public testimony did not list the origin of every asset in the stockpile.

On legislation, Bessent discussed the Digital Asset Market Clarity (CLARITY) Act, which the House passed last year. Senate Banking and Agriculture committees have produced separate bills addressing securities and commodities questions, and the chamber must reconcile those versions before a final vote.

The administration is aiming for Senate passage of the CLARITY Act this summer. A White House crypto adviser has indicated a goal of a July 4 signing ceremony, and some senators have suggested the measure could clear the Senate before August.

Treasury officials said the digital assets initiative must set custody standards, improve record-keeping and clarify how various tokens fit under securities and commodities law. Consolidating the separate Senate bills will be a necessary step before any final vote.

The secretary’s testimony comes as federal and state actors increase their engagement with cryptocurrency seized in enforcement and national-security cases. One state has enacted legislation creating a state-controlled crypto reserve, and lawmakers continue work to translate the president’s executive order into statute.