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Jack Mallers, CEO of Bitcoin-focused payments firm Strike, has raised serious questions about the US government’s reluctance to disclose its Bitcoin holdings. Speaking on social platform X, Mallers argued that the delay suggests America’s position in the digital asset sector is far weaker than it wants to admit.
According to Mallers, the US is intentionally withholding its Bitcoin audit results because it does not hold enough BTC to claim a leadership role in the digital economy. “The US won’t disclose their BTC holdings. Why? Because they realized they don’t own enough,” he wrote. Mallers emphasized that the global race for Bitcoin accumulation is still in its early stages and expected more aggressive participation ahead.
The criticism comes months after the Biden administration created the Strategic Bitcoin Reserve (SBR) through Executive Order 14233, signed on March 6. The order was part of a broader move to frame Bitcoin as a valuable asset in the global financial system and included plans to build a national stockpile of digital assets.
However, the long-awaited 163-page strategy document released on July 30 offered no details on actual Bitcoin holdings. Despite the government’s initial enthusiasm, the document barely mentioned the SBR, fueling concerns over the lack of transparency.
Limited BTC Reserves Raise Questions About US Readiness
In a video shared alongside his post, Mallers expressed disappointment in the government’s lack of clarity. He argued that if the United States had significant holdings, they would be quick to publicize it. “I think the US government is ashamed of its Bitcoin position,” he stated, adding that transparency would have helped reassure both citizens and global markets.
The Freedom of Information Act (FOIA) request submitted earlier this year revealed that the US Marshals Service controls just 28,988 BTC—valued at around $3.3 billion at current prices. This figure shocked many observers who previously believed the US held over 200,000 BTC through historic seizures, including those from the Silk Road case and the Bitfinex hack.
Adding to the uncertainty, on-chain data indicates that the federal government transferred more than 30,000 BTC to Coinbase Prime in April 2024, with additional sales reportedly totaling nearly $2 billion later that year. These transactions suggest that a significant portion of previously seized BTC may have already been sold off by past administrations.
White House Remains Vague on Bitcoin Position
During interviews following the strategy release, Robert “Bo” Hines, executive director of the President’s Council of Advisers on Digital Assets, declined to reveal Bitcoin holdings. “I can’t discuss that right now,” he stated. While Hines insisted the government was committed to acquiring more Bitcoin and described it as “digital gold,” he offered no concrete details.
Mallers responded to the silence by pointing to the implications for the country’s image. “It’s a branding problem,” he said, suggesting that the current administration is cautious about publicizing a weak position that undermines its ambitions of leading the global crypto economy.
Bitcoin Market Reacts to Supply and Demand Imbalance
At the time of writing, Bitcoin trades at $114,572, slightly down from its recent high of $123,000. With over 92 percent of all BTC already mined, the available supply remains extremely limited. A government-led accumulation strategy, if enacted, could apply significant upward pressure on prices due to increased competition for the remaining liquid supply.
Mallers believes this supply-demand imbalance is bullish for long-term holders. “If the US wants to plant its flag as the crypto capital, it has no choice but to accumulate,” he said, describing the Treasury as a potential “buyer with the deepest pockets on Earth.”
Legislative Push for Bitcoin Reserve Faces Hurdles
Meanwhile, lawmakers are also stepping into the debate. Senator Cynthia Lummis has reintroduced a bill calling for the US Treasury to purchase up to one million BTC over five years. However, the proposal has yet to gain traction in the appropriations process, and no hearings have been scheduled.
The bill is seen by some as a step toward serious Bitcoin integration into national reserves, though critics argue it may face political resistance due to concerns over volatility and regulatory uncertainty.
Conclusion
Jack Mallers’ criticism of the US government’s delay in Bitcoin audit disclosure adds fuel to ongoing discussions about transparency, strategy, and the country’s role in the emerging digital financial system. While the administration continues to promote Bitcoin as part of its future economic vision, its lack of action and clarity may undermine these ambitions. For investors and market watchers, the takeaway is clear: institutional demand is still forming, and the entry of major players like national treasuries could reshape the landscape in the near future.
With Bitcoin trading at historical highs and its float increasingly constrained, the market’s next phase may be defined by how quickly—and how aggressively—nations choose to join the digital gold rush.
