He quickly gave it up when confronted by a photographer, police say.
Bryant is due back in court on March 28. His attorney Daniel Brookman had argued that the previous bail amount of $20,000 was unnecessary, calling the Oscar situation a momentary aberration.
The Los Angeles County District Attorney's Office said he faces up to three years in jail if convicted.
TMZ said on Tuesday that the Academy of Motion Picture Arts and Sciences plans on pressing charges against Terry Bryant, the man who was taken into custody on Sunday night after reportedly stealing the McDormand's Best Actress Oscar statue at The Governors Ball. He's prominently holding the Oscar the entire time.
As noted by ABC News, Bryant posted a video to Facebook Sunday night - with the caption "My Oscar baby" - in which he proudly holds the Oscar in his hand, kisses it and claims his "team got this tonight".
One photographer didn't recognize him as an Oscar victor and followed and confronted him. McDormand smiled and laughed as she entered the party and her son carried her Oscar into the party, the footage shows.
According to several reports, McDormand said she didn't want to press charges against Bryant; however, McDormand wasn't technically the victim in this crime.
"Look around, everybody", McDormand said to those gathered, some of the most powerful people in Hollywood.
Bryant also posted a video on social media of himself at the event holding an Oscar statuette and telling other guests he was a victor.
"He's a sweet and gentle man of faith", Levy said. "I take care of my flock".