Bitcoin experienced a significant rally from sub-$63,000 on August 16 to a $79,500 high on August 21, driven by two major catalysts. According to The National's coverage, the rally began Wednesday, August 19, when the U.S. Treasury revealed plans to rein in long-term bond yields, with Treasury Secretary Scott Bessent announcing the government would double the size of its bond buybacks. The same report describes President Trump meeting with crypto industry leaders and urging the Senate to pass the Clarity Act, the stalled crypto market-structure bill. As reported by Yahoo Finance, the Treasury repurchase announcement sparked the move, with Bitcoin reaching a $77,300 spot price on Saturday morning, August 22, and currently trading near $83,400 as of late September 27.
Eighteen months after President Donald Trump signed an executive order on March 6, 2025, establishing the Strategic Bitcoin Reserve, the U.S. government has not purchased any Bitcoin using taxpayer funds. According to reports from AMBCrypto, the order created the reserve primarily by consolidating Bitcoin that the government already owned through criminal or civil proceedings, rather than direct purchases from exchanges. The U.S. government currently holds approximately 328,000 BTC, while global governments collectively hold about 435,000 BTC.
The executive order instructed the secretaries of the Treasury and Commerce to develop strategies for obtaining additional Bitcoin, but with specific conditions. As reported by AMBCrypto, the administration must explore ways of increasing the reserve without simply appropriating taxpayer money to buy Bitcoin on the open market. The order left the door open for potential additional acquisitions while maintaining fiscal responsibility constraints.
Bitcoin was trading at $83,400 as of late September 27, following a recent run to $87,397 on September 21. According to AMBCrypto, Trump Media recently sold 2,650 BTC worth $205 million after accumulating 11,542 BTC at an average price of $118,522, resulting in a loss of approximately $455 million on their Bitcoin position. The U.S. strategic Bitcoin reserve bill, H.R. 8957, was scheduled for consideration by the House Financial Services Committee on September 16.
With midterm elections approaching, prediction markets indicate the American Reserve Modernization Act (ARMA) of 2026 has a 5-6% chance of becoming law in 2026, down significantly from 60% in December 2025. As reported by AMBCrypto, this represents a substantial decline in legislative momentum for the proposed Bitcoin reserve expansion legislation.
