US Treasury Secretary Scott Bessent has indicated that the department is still looking into budget-neutral methods to acquire Bitcoin for the Strategic Bitcoin Reserve. This clarification comes after his previous statements led to a significant Bitcoin sell-off, wiping nearly $55 billion off its market cap in just 40 minutes when he suggested the Treasury would not be buying Bitcoin. Bessent emphasized that confiscated Bitcoin would underscore the reserve. Despite this, skepticism remains regarding the Treasury's commitment to promptly execute these plans. Bessent noted that the current valuation of the reserve is estimated between $15 billion and $20 billion. He confirmed there will be no sales of existing Bitcoin holdings. The Treasury's process for purchasing Bitcoin in a budget-neutral manner may face delays as congressional approval is necessary. The remarks underscore the administration's effort to fulfill the objective of establishing the U.S. as a leading nation in Bitcoin holding while navigating regulatory and operational hurdles.

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