Analysis: The United States May Possess Up to 88,000 BTC in a Strategic Bitcoin Reserve, Excluding the Bitfinex Seizure

The U.S. government may have a maximum of 88,000 BTC available for its newly announced Strategic Bitcoin Reserve, according to Alex Thorn, head of research at Galaxy Research.
In a Mar. 7 post on X, Thorn noted that while the government currently holds about 198,000 Bitcoin (BTC), 112,000 BTC must be returned to Bitfinex following a previous seizure. This means that only a portion of the assets, a maximum of 88,000 BTC, can be used for the reserve.
According to White House AI and Crypto Czar David Sacks, the initial Bitcoin for the reserve is supposed to come from seized digital assets, ensuring no additional cost to taxpayers. However, Thorn’s analysis suggests that only forfeited Bitcoin, rather than all seized holdings, can be repurposed, significantly reducing the reserve’s potential size.
Thorn also pointed out that Bitcoin accounts for 97.7% of the government’s digital assets, and that percentage increases to 98% when Wrapped Bitcoin (WBTC) is taken into account.
Trump’s decision to establish the reserve has been widely praised in the crypto space. Coinbase CEO Brian Armstrong called it a “historic moment for Bitcoin and crypto,” predicting that other G20 nations will take notice and potentially follow the U.S.’s lead.
Galaxy Digital’s head of research, Ryan Rasmussen, outlined the broader implications of the Strategic Bitcoin Reserve, arguing that it removes fears of the U.S. government selling large amounts of Bitcoin and strengthens the case for institutional adoption.
This regulatory change, he said, would encourage more nations, wealth managers, financial organizations, and even state governments to buy Bitcoin.
According to Rasmussen, the ruling also lessens the possibility that the U.S. will impose strict rules on Bitcoin. It would be ineffective to ban or regulate Bitcoin because the government actively owns it. As a result, industry experts believe this policy shift fundamentally changes Bitcoin’s narrative.
Bitcoin continues to hold its strong position despite recent market turbulence, trading at around $87,800 at the time of press. The upcoming Mar. 7 White House Crypto Summit, where lawmakers and business executives are expected to discuss Bitcoin’s role in the financial system, is expected to shape market sentiment.