 
 
The idea of the United States building a formal Bitcoin stockpile is regaining momentum, with Galaxy Digital’s head of research, Alex Thorn, suggesting the market is underestimating how soon it could happen.
Thorn thinks “…there’s a strong chance the U.S. government will announce this year that it has formed the strategic bitcoin reserve (SBR) and is formally holding BTC as a strategic asset…,” warning that traders are pricing the likelihood far too low.
His comments come after Treasury Secretary Scott Bessent recalibrated his stance. Just hours after ruling out new Bitcoin purchases for the reserve, Bessent clarified that seized coins would form the foundation of the program created under President Trump’s March executive order.
Bessent also said the Treasury is exploring “budget-neutral” ways to expand its holdings. Currently, the U.S. reserve is valued between $15 billion and $20 billion.
Pressure Mounts as Other Countries Move First
The hesitation in Washington is raising eyebrows abroad. JAN3 CEO Samson Mow, a longtime advocate for nation-state Bitcoin adoption, called it “incredibly ironic” that the U.S. might be overtaken by countries it inspired.
 
At Bitcoin 2025 in Las Vegas, Pakistan announced its own strategic reserve, citing the Trump administration’s example. Meanwhile, governments in the U.K., Brazil, and Japan have expressed similar ambitions.
Mow insists the U.S. “has to start” accumulating this year, arguing that failing to do so risks losing first-mover advantage. He even floated the idea of swapping part of America’s vast gold reserves for Bitcoin, noting that private investors are already making similar shifts through ETFs.
Meanwhile, analysts believe the political calendar makes the debate urgent. Critics warn that if the administration delays, a new government could dismantle the program altogether. Trump officials, including White House crypto czar David Sacks, have stressed the need for an accumulation strategy before the current term ends.
For now, markets are cautious. Bitcoin’s price movements suggest traders are waiting for stronger signals. But with countries like Kazakhstan embracing stablecoin payments for regulatory fees, the global race to integrate digital assets into national frameworks is accelerating, and Washington risks falling behind.