The U.S. President Donald Trump’s mandated audit of federal crypto holdings for a planned Bitcoin Reserve is now 172 days overdue. The review, ordered through an executive order, was due on April 5. It aimed to track crypto seized by agencies like the IRS, Homeland Security Investigations, and the US Secret Service.
However, no updates have come from the US Treasury, Treasury Secretary Scott Bessent, “Crypto Czar” David Sacks, or Trump himself. This silence has raised concerns over delays and the government’s commitment to building a national Bitcoin Reserve.
On September 23, The Rage reported that the Treasury has no audit report and referred inquiries to other federal agencies. This has fueled concerns about delays and transparency. Besides, the scope of the Bitcoin Reserve has been scaled back over the past year.
Bessent recently stated the reserve would not involve purchasing Bitcoin but would rely on seized and forfeited crypto. Additionally, Sacks emphasized that any expansion of holdings would only follow “budget-neutral pathways.”
Growing state and global momentum
Even though the federal plan is facing delays, crypto adoption is growing fast at state and global levels. According to Kashif Raza, founder of Bitinning and a popular crypto advocate in India, 26 U.S. states have already put forward bills to set up their own Bitcoin reserves.
On the global stage, 16 countries are either exploring or working on laws to manage crypto reserves. Out of these, only four countries, El Salvador, Russia, the United States, and Switzerland, have fully approved and active laws so far.
In addition, there are still 11 countries working on proposals, such as Argentina, Brazil, Canada, China (Hong Kong), and Ukraine. Interestingly, Japan is the only country where a proposal didn’t make any progress. Meanwhile, Switzerland and Saudi Arabia are testing out partial frameworks while also engaging in broader legislative talks.
Crypto treasuries hit $105B
Meanwhile, institutional crypto holdings continue to grow. A recent post from Bitinning shared data from Blockworks Research showing that public companies and funds now collectively hold $105 billion in crypto assets.
According to the data, there was growth from under $20 billion in October 2024. By mid-2025, treasuries crossed $60 billion and then surged past $100 billion by late September 2025.
This sharp rise is an indication of renewed momentum in institutional adoption, even as the U.S. Federal Reserve plan stalls. Consequently, private entities are filling a gap left by slow-moving government initiatives.
The stalled audit raises questions about federal crypto strategy while states and institutions push ahead. This divide could shape the future of U.S. Bitcoin adoption.
Also Read: Michael Saylor Says Bitcoin Is the “Next Frontier” for Treasuries
