Contrary to popular belief, the U.S. Marshals Service possesses a significantly lower volume of bitcoin than initially projected, as unveiled by a Freedom of Information Act (FOIA) request filed by independent crypto journalist L0la L33tz.
In an official letter from the Department of Justice, it was disclosed that the agency currently holds slightly over 28,988 bitcoins, equivalent to approximately $3.4 billion as per the latest market rates. This figure is substantially lower than the $25 billion worth of crypto assets that Arkham Intelligence predicted to be held across all U.S. government agencies. However, the exact figure remains elusive due to the absence of a centralized public database and the secretive nature of seizure operations.
Bitcoin Treasuries had also estimated the U.S. government’s bitcoin holdings to be around 198,012 BTC, valued at nearly $25 billion. The U.S. Marshals Service, as the federal court’s enforcement agency, typically manages and auctions off tokens seized by organizations, including the Federal Bureau of Investigation and the Internal Revenue Service.
L33tz, the founder of The Rage crypto trade publication, lodged the FOIA request in March and purportedly received a response on Wednesday. She was responding to a challenge set by Bitcoin Magazine Chair David Bailey, who offered a $10,000 reward for anyone able to confirm the amount of Bitcoin and Crypto currently held by the U.S. government.
Former President Donald Trump had previously declared that the U.S. government would retain its bitcoin holdings as part of a Strategic Bitcoin Reserve. In March, he signed an executive order directing federal agencies to transfer their holdings to the Treasury Department, which was given the responsibility of overseeing the reserve. Trump’s crypto advisor, David Sacks, had also proposed “budget-neutral” approaches to procure more bitcoin for the government fund. The same executive order also established a U.S. Digital Asset Stockpile, comprising digital assets other than bitcoin, acquired through criminal or civil forfeitures.
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