HR2032

1) **Event and Status:** On March 11, 2025, Representative Begich (R-AK) introduced HR2032, the BITCOIN Act of 2025. The bill was referred to the House Financial Services Committee where it sits with zero floor votes. A companion bill S954 exists in the Senate Banking Committee. The bill is early-stage and faces a low probability of passage in the 119th Congress (2025-2027). 2) **Money Trail:** The bill authorizes the Treasury to purchase 1 million Bitcoin over five years at an estimated cost of $80-100 billion at current prices, but it does not appropriate any funds. Actual funding would require a separate appropriations bill. The bill also requires holding purchased Bitcoin for at least 20 years before sales can reduce the national debt. 3) **Structural Winners and Losers:** The primary beneficiaries are companies whose valuation is tied directly to Bitcoin's market price. MSTR holds roughly 447,000 Bitcoin as its main corporate asset—every sustained price increase flows directly to its equity value. COIN provides the trading and custody infrastructure the Treasury would need to execute and secure such purchases. Both are pure-play exposures to Bitcoin adoption by the US government. 4) **Market Data Context:** As of April 30, 2026, MSTR trades at $164.99 with a 30-day gain of +32.2%, though down 3.53% over the past week. COIN trades at $187, up 7.1% over 30 days but down 6.39% weekly. Recent 30-day rallies reflect broader digital asset market interest, but the BITCOIN Act itself has not driven these moves given its stalled legislative status. 5) **Timeline:** The bill requires committee mark-up in both chambers, full House and Senate votes, and a presidential signature. With no committee hearings scheduled and only 10 total sponsors, the earliest realistic action would be in 2027 if reintroduced in the 120th Congress. No near-term catalyst exists.