Senator Cynthia Lummis ‘Alarmed’ By Alleged U.S. Bitcoin Reserve Holdings

Senator Cynthia Lummis (R-WY) is speaking out amid emerging reports that the U.S. may not hold as much in its Bitcoin Reserve as widely believed, according to research from an independent journalist posted on social media Wednesday.

How Much Is In The Country’s Bitcoin Reserve Really?

The saga began when Bitcoin Magazine Chairman David Bailey offered a $10,000 bounty to the journalist who could uncover the exact amount of Bitcoin currently held by the U.S. government in a July 16 X post.

NEW: 🇺🇸 US Marshalls reveal the government now only holds 28,988 Bitcoin worth $3.4 billion, instead of the estimated ~200,000 BTC 👀 pic.twitter.com/6a4UcPFiHc

— Bitcoin Magazine (@BitcoinMagazine) July 16, 2025

Independent journalist Lola Leetz replied with documents allegedly sent from the United States Marshals Service on Wednesday showing that the Bitcoin holdings were valued at just $3.44 billion following a March 2025 Freedom of Information Act (FOIA) request.

“It looks like we might know how many Bitcoin the US government is holding now and it’s about 85% less than thought,” Bailey said in a Wednesday X post. “Explains why the price action was stuck for so long. Bullish.”

Senator Cynthia Lummis Speaks Out Amid Crypto Concerns

U.S. President Donald Trump formally launched the country’s Bitcoin Reserve and U.S. Digital Assets Stockpile back in a March 2025 executive order.

“This move harnesses the power of digital assets for national prosperity, rather than letting them languish in limbo,” the executive order states.

Just a few minutes ago, President Trump signed an Executive Order to establish a Strategic Bitcoin Reserve.

The Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings. This means it…

— David Sacks (@davidsacks47) March 7, 2025

At the time, White House AI and Crypto Czar David Sacks estimated that the U.S. government held around 200,000 Bitcoin, although no formal audit on the cryptocurrency had been completed.

Following the news, crypto-friendly Senator Cynthia Lummis (R-WY) openly expressed her shock over the claims.

“I’m alarmed by reports that the U.S. has sold off over 80% of its Bitcoin reserves—leaving just ~29,000 coins,” Lummis wrote. “If true, this is a total strategic blunder and sets the United States back years in the Bitcoin race.”

The White House has yet to publicly comment on the matter.