The U.S. Marshals Service cannot confirm how many bitcoins it holds, or affect the U.S. crypto reserve program

According to people familiar with the matter, the US Marshals Service (USMS) is unable to confirm the amount of bitcoin it currently holds, or even give a rough estimate. This management flaw could affect the US government's plan to build a crypto reserve, proposed by White House crypto director David Sacks, which could change the way the government handles seized crypto assets and may even involve the purchase of cryptocurrencies. At present, the USMS still relies on Excel records and manual operations, and management efficiency is limited. Outside experts warn that the agency could lose billions of dollars at any time due to operational errors.
The USMS began seeking private partnerships as early as 2018, but the invite tenders process dragged on for years. After awarding relevant contracts to BitGo and Anchorage Digital in 2021, they were both voided due to the size of the enterprise not meeting the'small business' standard. In 2024, the USMS readjusted its strategy and awarded two new contracts to manage different classes of cryptoassets.