Bitcoin News Today: U.S. Delays Bitcoin Holdings Audit Amid Bullish Market Outlook

Jack Mallers, founder and CEO of Strike, has drawn attention to the U.S. government’s delayed audit of its Bitcoin holdings, suggesting it reflects poorly on Washington’s commitment to leading in the digital-asset space. On X, Mallers argued that the lack of transparency implies the U.S. government does not own enough Bitcoin to compete effectively in the global crypto landscape [1]. “The US won’t disclose their BTC holdings. Why? Because they realized they don’t own enough,” he posted, framing the delay as a “branding problem” for a country positioning itself as a crypto leader [1].

Mallers expanded on this point in a video where he criticized the government for failing to follow through on its March announcement of a Strategic Bitcoin Reserve (SBR), calling the lack of a full audit a sign of “sensitivity” or even “shame” about the actual amount of Bitcoin in federal possession [1]. The SBR was introduced as part of Executive Order 14233, which aimed to position the U.S. as a global leader in digital assets, yet the subsequent 163-page digital-assets strategy offered no concrete figures or next steps [1].

Robert “Bo” Hines, executive director of the President’s Council of Advisers on Digital Assets, has similarly refused to provide details about the SBR, stating there are “several reasons” for the secrecy [1]. Earlier estimates suggested the U.S. government controlled over 200,000 BTC from asset forfeitures, but a July FOIA response revealed the U.S. Marshals Service holds just 28,988 BTC, raising questions about whether past administrations sold significant portions of the stockpile [1].

Mallers speculated that former Democratic administrations may have liquidated a large share of the Bitcoin reserve, and that the current administration is hesitant to make public moves until it can rebuild the position [1]. He further noted that federal wallets had already transferred 30,175 BTC to Coinbase Prime in April 2024, with another $1.9 billion in transfers following in December 2024 [1].

From a market perspective, Bitcoin has surged to over $114,000, up more than 100 percent year-on-year. With nearly 92 percent of all coins mined and many held in long-term wallets, further accumulation by the U.S. government could tighten supply and increase price pressure [1]. Mallers views this as a bullish development: “If the US wants to plant its flag as the crypto capital, it has no choice but to accumulate. That’s the bullish takeaway,” he said [1].

Political backing for such accumulation, however, remains uncertain. Senator Cynthia Lummis has proposed legislation allowing the Treasury to purchase up to 1 million BTC over five years, but the bill has yet to move through Congress [1]. As the debate continues, the lack of transparency around the SBR and broader U.S. Bitcoin strategy remains a focal point for industry observers and investors alike [1].

Source:

[1] https://www.newsbtc.com/bitcoin-news/us-delay-bitcoin-audit-bullish-red-flag-strike-ceo/