This is not widely known and is part of secret contracts that no one is privy to...however, they likely will NOT be buying from an exchange. I'm not sure this will ever be known. Lots of people have asked until now.
Some have speculated that (1) the government will ultimately NEED to be on the PUBLIC network (because it will be more efficient than a private network - Brian O'Beirne, smart guy), and (2) any purchase could be by a "custodian" via a custodianship arrangement in order to avoid the optics of a government that's trying to clamp down on crypto while holding crypto itself. Just speculation as to a work-around - I don't have any special knowledge.
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