US Government Unlikely to Buy Bitcoin in 2025 Despite Policy Discussions

The U.S. government is unlikely to purchase Bitcoin in 2025, according to a report by Alex Thorn, head of research at Galaxy Digital. While conversations around a potential Bitcoin reserve policy may advance, Thorn believes the focus will remain on managing the government’s existing Bitcoin holdings rather than expanding them.

Current US Bitcoin Reserves

The U.S. government currently holds 183,850 BTC, valued at approximately $17.36 billion, according to blockchain analysis platform Spot on Chain. These holdings are spread across various wallet addresses and stem from seized or forfeited assets, primarily linked to law enforcement actions.

Proposed Bitcoin Reserve Policies

• Wyoming’s Bitcoin Act: Introduced by Senator Cynthia Lummis, the proposed legislation outlines a plan for the U.S. Treasury to acquire 200,000 BTC annually for five years, creating a reserve of one million Bitcoin to be held for at least 20 years.
• State-Level Initiatives: States like Ohio, Texas, and Pennsylvania have proposed adding Bitcoin to their treasury reserves.
  • Texas Strategic Bitcoin Reserve Act: Suggests holding Bitcoin as a reserve asset for at least five years.
  • Pennsylvania’s Proposal: Allows up to 10% of the treasury’s balance sheet to be allocated in Bitcoin.

Global Perspective

Thorn’s analysis aligns with growing international interest in Bitcoin reserves:

• Japan: Prime Minister Shigeru Ishiba expressed skepticism, noting a lack of understanding of Bitcoin reserve strategies among nations.
• Smaller Nations: Former Binance CEO Changpeng Zhao speculated that smaller countries might adopt Bitcoin reserves first, citing its potential as a strategic asset.
• Nation-State Adoption: Galaxy Digital analyst “JW” predicts that up to five nation-states and Nasdaq 100 companies could add Bitcoin to their holdings in the near future, driven by global competition.

Corporate Accumulation Trends

Private entities are also bolstering Bitcoin reserves:

• MicroStrategy: Continues to expand its Bitcoin holdings.
• MARA Holdings: Acquired 11,774 BTC in December 2024.
• Riot Platforms: Plans to raise $500 million via a bond offering to enhance its Bitcoin reserves.

Conclusion

While the U.S. government is unlikely to actively purchase Bitcoin in 2025, growing interest at the state and corporate levels indicates a shift toward mainstream acceptance of the asset as a reserve tool. Global competition and geopolitical factors may further shape Bitcoin’s role in sovereign and institutional strategies.