Senator Cynthia Lummis (R-WY) is raising concerns after reports surfaced indicating that the U.S. may not have as much Bitcoin in its reserve as previously thought. An independent journalist shared findings on social media, revealing that the U.S. government’s Bitcoin holdings are significantly lower than the estimated amount.
The controversy began when Bitcoin Magazine Chairman David Bailey offered a $10,000 reward to any journalist who could uncover the exact amount of Bitcoin held by the U.S. government. According to documents allegedly obtained from the United States Marshals Service, the government currently holds 28,988 Bitcoin, valued at $3.4 billion, following a Freedom of Information Act request in March 2025.
In response to the findings, Bailey expressed surprise at the revelation, suggesting that the reduced Bitcoin holdings may have contributed to stagnant price action in the market. He described the situation as “bullish,” indicating potential positive implications for the cryptocurrency.
The U.S. government formally established its Bitcoin Reserve and U.S. Digital Assets Stockpile in a March 2025 executive order signed by President Donald Trump. The executive order aimed to leverage digital assets for national prosperity rather than leaving them idle. However, the actual amount of Bitcoin held by the government was not officially audited at the time.
Senator Cynthia Lummis, known for her support of cryptocurrency, voiced her dismay over the reports of the reduced Bitcoin reserves. She expressed concern that selling off over 80% of the Bitcoin holdings could set the United States back in the race for dominance in the cryptocurrency market.
Despite Lummis’ concerns, the White House has not issued a public statement regarding the matter. The situation raises questions about the transparency and management of the U.S. government’s Bitcoin reserves and underscores the importance of accurate financial reporting in the cryptocurrency industry.
As the controversy surrounding the U.S. Bitcoin reserves continues to unfold, stakeholders and investors are closely monitoring developments to assess the potential impact on the cryptocurrency market. Senator Lummis’ vocal response highlights the need for greater oversight and accountability in the management of digital assets at the national level.