President Donald Trump’s March 6, 2025 executive order established Bitcoin as a strategic reserve asset for the U.S. government, but it did not authorize purchases with taxpayer funds. Instead, the reserve was primarily formed by consolidating Bitcoin already held after criminal or civil forfeitures, with the assets generally not to be sold. The U.S. government reportedly holds about 328,000 BTC, compared with roughly 435,000 BTC held by governments globally. The order asked the secretaries of the Treasury and Commerce to develop ways to acquire additional BTC without simply appropriating taxpayer money for open-market purchases. As a result, the government did not buy Bitcoin from exchanges, creating a gap between market expectations and the order’s actual commitments. Bitcoin was trading at $83,145.01 after declining 26% over the past year. Trump Media sold 2,650 BTC for $205 million after accumulating 11,542 BTC at an average price of $118,522, leaving its Bitcoin position down roughly $455 million. Meanwhile, H.R. 8957, the American Reserve Modernization Act (ARMA) of 2026, was scheduled for consideration by the House Financial Services Committee on September 16. Prediction markets placed its chances of becoming law in 2026 at 5–6%, down from 60% in December 2025. The central question is whether the administration will expand the reserve beyond seized Bitcoin into an actively growing strategic holding.