1. Current U.S. Holdings and Legal Status

The reserve foundation was solidified in the March 2025 executive order. The order stipulates that Bitcoin obtained through criminal and civil forfeiture should be retained as national assets, rather than auctioned by the U.S. Marshals.
Estimated holdings: approximately 328,372 BTC (as of February to May 2026).
Ranking: The United States is currently the world's largest known sovereign Bitcoin holder.
Management: Led by Executive Director Patrick Witt of the Digital Asset Presidential Advisory Committee, who is currently addressing “ambiguous legal provisions” to fully incorporate these holdings into the national balance sheet.

2. Legislative Campaign: “ARMA” and the “Clear Act”
While the executive branch has secured existing Bitcoin, active purchases require Congressional approval. The initial Bitcoin bill (introduced by Senator Cynthia Lummis) has been refined into the U.S. Reserve Modernization Act (ARMA).
Goal: The bill aims for the U.S. to acquire 1 million Bitcoins within five years (roughly 5% of the total supply).
Update as of May 2026: Senate leaders have indicated that the “Clear Act”—the regulatory framework for these reserve efforts—is scheduled for review in mid-May 2026. This is a key obstacle in deciding whether the “active purchase” phase will begin this year.
Funding: The proposal adopts a “budget-neutral” strategy, such as re-evaluating Federal Reserve gold certificates, to avoid directly increasing taxpayers’ burden.

3. Global Sovereign Comparison (May 2026)
The U.S. is not alone in the “Digital Gold Race,” although its strategy is the most formalized among major economies.

4. Market Impact and Risks
The narrative has shifted from “Will they sell?” to “When will they buy?” triggering expectations of a structural “supply shock” in the market.
“Lummis Effect”: If ARMA legislation passes, it will require an annual purchase of about 200k BTC. As context, this exceeds the total annual Bitcoin production after the 2024 halving.
Institutional Shift: Major entities like Tether have mimicked sovereign behavior, reporting Bitcoin holdings of $7 billion by Q1 2026.
“The Forgotten Risk”: Analysts warn that if the U.S. shifts from passive holder to active buyer, it could trigger game theory responses, prompting other G20 countries to consider establishing their own “strategic digital reserves” to hedge against the dollar debt cycle.