What Is the Strategic Bitcoin Reserve Bill? What Wednesday’s House Vote Means for Bitcoin

Bitcoin (CRYPTO) trades at $77,100 today, but the Strategic Bitcoin Reserve is making headlines for reasons that have little to do with price. The House Financial Services Committee is set to mark up H.R. 8957 on Wednesday, September 16, with headlines portraying it as the bill that could make the federal government a Bitcoin buyer.

In reality, ARMA does something more limited but still significant. It would lock up the Bitcoin the government already holds and require the first independent audit of the reserve. The bill authorizing new purchases is separate and nowhere near a vote. 

So, what does the September 16 markup actually mean for Bitcoin holders?

Reserve Holds 198,000 Bitcoin Nobody Bought

President Trump signed Executive Order 14233 on March 6, 2025, creating the Strategic Bitcoin Reserve. The order brought Bitcoin seized through criminal and civil forfeiture under a Treasury-managed reserve and directed the government to stop selling those holdings. However, because a future president can reverse an executive order, the reserve ultimately depends on whether a future administration keeps it in place.

The reserve holds roughly 198,000 Bitcoin, although no audit has confirmed the exact figure. Across the Justice Department, IRS Criminal Investigation, and the U.S. Marshals Service, the federal government is estimated to hold about 328,372 Bitcoin worth roughly $25 billion at current prices. The largest single contribution came from the Prince Group forfeiture, which added 127,271 Bitcoin, while the Silk Road forfeiture contributed another 69,370 Bitcoin.

The government did not buy any of these Bitcoin, and Treasury Secretary Scott Bessent said in August 2025 that the U.S. “won’t be buying” more. Instead, the reserve was built from Bitcoin that federal agencies had already seized through forfeiture cases. 

A separate Digital Asset Stockpile holds seized Ethereum (CRYPTO:ETH), Solana (CRYPTO:SOL), XRP (CRYPTO:XRP), and Cardano (CRYPTO:ADA) under different rules.

H.R. 8957 Locks the Reserve for 20 Years

H.R. 8957, known as the American Reserve Modernization Act of 2026, would give the Strategic Bitcoin Reserve a much firmer legal footing. Representative Nick Begich, a Republican from Alaska, introduced the bill on May 21, 2026, with Representative Jared Golden, a Democrat from Maine, as co-lead, alongside more than 20 cosponsors. If passed, the bill would put the reserve into federal law, meaning a future president could no longer undo it simply by signing another executive order.

The bill would also require the government to hold every Bitcoin in the reserve for at least 20 years, with no sales, swaps, or trades during that period. It would require quarterly proof-of-reserve reports from independent third-party auditors, giving the public a verified figure for the government’s Bitcoin holdings for the first time. 

The Treasury would have 180 days after the bill becomes law to establish a secure facility for storing the Bitcoin, while any Bitcoin created through forks or received through airdrops would also have to be properly accounted for. The Digital Asset Stockpile would remain separate, although proceeds from any Stockpile sales would be used either to buy Bitcoin for the reserve or reduce the national debt.

Section 10 shifts the focus from the government’s holdings to ordinary Bitcoin owners by stating that the federal government cannot impair or seize Bitcoin that individuals acquired lawfully. It also affirms the right to hold and manage digital assets independently. States could choose to participate through separate accounts, while the Treasury would study ways to acquire additional Bitcoin over five years without adding to the federal budget deficit.

The Reserve Could Be Locked Before Congress Tackles New Purchases

ARMA does not give the government authority to buy Bitcoin on the open market. It would not allow taxpayer money to fund purchases, meaning the reserve could grow only through future forfeitures and Bitcoin transferred from Stockpile sales. So, even if the September 16 markup moves forward, the government would still hold roughly the same 198,000 Bitcoin it has today.

The power to make new purchases sits in a separate piece of legislation known as the BITCOIN Act. Senator Cynthia Lummis introduced it as S.954 in the Senate, while Representative Nick Begich introduced the House version, H.R. 2032. The bill would direct Treasury to buy 200,000 Bitcoin each year for five years, bringing the proposed total to 1 million Bitcoin, but it has not received a hearing. Representative Warren Davidson’s Bitcoin for America Act, H.R. 6180, would take a different approach by allowing taxpayers to pay federal taxes in Bitcoin, although that bill has also stalled.

The September 16 markup would therefore be only the beginning for ARMA. During a markup, committee members debate the bill, consider amendments, and vote on whether to advance it to the full House. If H.R. 8957 clears that stage, it would still need to pass the House, get through the Senate, and receive the President’s signature before becoming law. The Senate does not have a companion bill to ARMA, so one possible path would be to attach the reserve provisions to the year-end National Defense Authorization Act.

The timing also puts the markup alongside several other major market events. September 16 is Fed day, when the Federal Open Market Committee is scheduled to announce its interest-rate decision at 2 p.m. ET, while the Senate is set to vote on cloture for the CLARITY Act on September 15. That puts three important crypto and monetary events within roughly 30 hours, but they will not carry the same weight for Bitcoin. A shift in interest-rate expectations could move the market much more sharply than a committee vote on a bill that still faces several legislative hurdles.

The Real Bitcoin Reserve Fight Is About What Happens Next

The September 16 markup will not put another Bitcoin into the U.S. government’s hands, nor will it send 198,000 Bitcoin into cold storage for the first time. It could turn an administration policy into a lasting legal commitment. 

ARMA would lock the government’s existing Bitcoin for 20 years, require regular audits, and make it much harder for a future administration to reverse course. At roughly 198,000 Bitcoin, the reserve represents about 0.94% of the 21 million Bitcoin that can ever exist, so the immediate effect on supply is limited because the Treasury isn’t selling.

The bigger question is what happens after the markup. If ARMA passes, the U.S. would have a legally protected Bitcoin reserve that could outlast the administration that created it. The audit requirement would also give investors a clearer picture of how much Bitcoin the government actually holds. Any decision to buy more would still depend on separate legislation. For now, the focus is on making the existing reserve harder to sell, not making it bigger.

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