US Sold More Than 195,000 BTC Between 2014 and 2023, Losing Out on Over $21 Billion in Potential Profits
At the 2024 Nashville crypto conference, Donald Trump made significant pro-crypto statements, asserting, “For too long, our government has disregarded the essential principle known by every bitcoiner: Never sell your Bitcoin.” He reaffirmed this message while enacting the law that created the Strategic Bitcoin Reserve. Historically, the U.S. government has disposed of approximately 195,091.75 BTC for $366,493,104. These bitcoins now have a current worth of around $22.2 billion, while the nation’s reserves are estimated to fall between 29,000 and 200,000 bitcoins.
Summary
- The U.S. ranks as the largest seller of bitcoins, offloading between 195,000 and 199,000 units from 2014 to 2023.
- Losing gains from these sales amounts to roughly $21 billion.
- While estimates suggest the U.S. owns about 200,000 bitcoins, official figures only account for 29,000; the remaining were seized from criminals and might be returned to victims.
U.S. Bitcoin Sales 2014 – 2023
Up until 2013, the U.S. government held no bitcoins. The Drug Enforcement Administration acquired 11 bitcoins during its efforts against the Silk Road marketplace. Following this operation, U.S. Bitcoin holdings saw a substantial increase, although some bitcoins linked to Silk Road were stolen.
In 2014, the U.S. government began auctioning off forfeited bitcoins. In June, the U.S. sold 29,657 bitcoins seized from Silk Road to venture capitalist Tim Draper for approximately $19 million. As of August 5, 2025, these bitcoins are valued at over $3 billion.
Between December 2014 and November 2015, the U.S. sold 144,341 bitcoins forfeited from Silk Road, achieving sale prices between $270 and $380—significantly lower than the Draper purchase, yielding total revenue of $47.1 million. Currently, these bitcoins are estimated to be worth nearly $16.6 billion.
In later auctions, smaller amounts of Bitcoin were sold by the U.S. Due to the long-term price appreciation of Bitcoin, the government has realized much higher returns on these smaller quantities. For instance, in August 2016, the government sold 2,719 BTC obtained from various sources, including Silk Road dealer Matthew Gillum, for $1,600,000.
In March 2018, selling 3,813 bitcoins confiscated from multiple criminals earned the U.S. $42 million. Later, U.S. Marshals disposed of 2,170 bitcoins, largely seized from Shaun Bridges, a Secret Service agent who misappropriated bitcoins during the Silk Road investigation, for $18.7 million.
The latest public sale of bitcoins by the U.S. took place in March 2023, when it sold 9,861 bitcoins seized from James Zong, who stole them from the Silk Road, for $215 million (resulting in a loss of nearly $900 million based on current Bitcoin values). Subsequently, about 36,000 bitcoins were transferred to Coinbase in several transactions, with no further sales reported; these transfers likely were for custody purposes.
How Much BTC Did the U.S. Sell? Did Any Country Sell More?
There are varying reports regarding the total BTC sold by the U.S.—some indicate approximately 195,000 BTC, while others suggest numbers near 199,000. At a valuation of $114,000 per Bitcoin, this equates to approximately $22.2 billion to $22.6 billion in sales, with profits estimated between $366.5 million and $422.2 million, leading to lost gains over $21 billion.
In 2024, Germany made headlines by selling 54,000 BTC at around $57,900 just before Bitcoin prices spiked. This led to a missed opportunity of roughly $3 billion—not nearly as substantial as the U.S.’s losses.
In 2021, Finland sold 1,900 BTC confiscated from drug offenses, generating about $47 million, most of which was designated for donations to Ukraine.
Bhutan, holding over 10,000 BTC on its balance sheet, ranks among the countries with the largest Bitcoin reserves, though its sales pale in comparison to the U.S. or Germany.
While the extent of Bitcoin sales by other nations isn’t fully known, few have matched the volume of transactions conducted by the U.S.
How Much BTC Does the U.S. Own Now?
Many analysts refer to figures from Arkham Intelligence to ascertain the U.S. government’s cryptocurrency holdings. This firm analyzes blockchain data to reveal the crypto assets of significant entities. As of August 5, 2025, Arkham states that the U.S. holds 198,022 BTC (valued at over $22 billion), close to 60,000 ETH (worth over $210 million), along with other cryptocurrencies totaling several hundred million dollars.
It’s vital to distinguish between “owning” and “holding.” Not all crypto assets held by the U.S. are owned by the government. Forfeited assets are classified as government property, while seized assets serve as evidence in criminal proceedings and could eventually be returned to victims.
For instance, 667.624 bitcoins taken from the founders of the HashFlare fraud case in 2022 are not retained by the U.S. Marshals Service. Likewise, a substantial 94,000 bitcoins taken from Bitfinex hacker Ilya Lichtenstein may eventually be returned to the victims. The Department of Justice has already signaled intentions to return the stolen bitcoins back to Bitfinex.
Information compiled by journalist Lola Leetz in July 2025 reveals that the U.S. Marshals hold close to 29,000 bitcoins, significantly less than Arkham’s report. This does not imply that the U.S. has sold the remaining bitcoins, as is often inaccurately claimed, including by Senator Cynthia Lummis. Instead, it underscores that the fate of around 170,000 bitcoins remains uncertain, and thus, they should be better characterized as being temporarily held by the government.
Eugeniy Kitkin, Chief Business Development Officer at EMCD, clarifies that “seized bitcoins are, in contrast, held temporarily—awaiting judicial outcomes or legal determinations. They are not yet government assets and might never be.”
Shawn Young, Chief Analyst at MEXC Research, emphasizes the necessity for public understanding of the legal subtleties surrounding strategic crypto holdings:
“For now, corporate accumulators like MicroStrategy remain the primary reserves of institutional BTC. These variations highlight the pressing need for better public education on how digital assets are managed within legal contexts. Transparency is essential in both private and public sectors to foster the future of BTC adoption in institutions.”