U.S. Treasury Clarifies Position on Strategic Bitcoin Reserve Plans

Key Points

1. The U.S. Treasury plans to expand its Bitcoin reserve using seized assets and has halted sales, with current reserves valued between $15 billion and $20 billion.

2. Treasury Secretary Scott Bessent retracted earlier remarks suggesting the Treasury would not purchase Bitcoin, clarifying the department's commitment to budget-neutral acquisition methods.

3. The Strategic Bitcoin Reserve was announced in March as part of a broader government initiative, with acquisitions aimed at fulfilling the President's promise.

4. Industry figures, including Blockstream CEO Adam Back, noted the initial confusion and welcomed the clarification regarding the Treasury's Bitcoin acquisition strategy.

5. The Treasury's slow pace in building the reserve has raised concerns, but it remains committed to meeting the budget-neutral requirement for further acquisitions.