Trump's Bitcoin Reserve Plan Still Unresolved 16 Months Later
In brief
- Trump issued executive order in March 2025 to establish strategic bitcoin reserve and separate crypto stockpile.
- Treasury and Commerce departments under consideration as potential custodians for federal funds.
- Congressional approval required before funds can be formally activated, White House advisers confirm.
- Bitcoin declined roughly one-third from $93,000 to $64,000 since Trump's initial order.
Structural Questions Remain Unresolved
President Trump issued an executive order in March 2025 to establish what he called a strategic reserve for bitcoin and a separate stockpile of other cryptocurrencies. Yet 16 months later, the administration hasn't settled on where these assets will live. The Departments of the Treasury and Commerce are both being considered as potential homes for the federal crypto funds, according to reporting from Bloomberg.
The delay reflects deeper questions about how to structure something that doesn't fit traditional government finance. Trump's reserve doesn't match the usual definition of a strategic reserve — which is meant to be deployed during market emergencies — because it's designed to be held long-term instead.
Congressional Backing Required
The White House's chief crypto adviser, Patrick Witt, and his predecessor have both said that Congress must fully back the formation and activation of the crypto funds before they can move forward. This legislative requirement adds another layer of complexity to an already slow-moving process.
When Trump issued the order, he asked his administration to acquire more bitcoin without using taxpayer money. That timing proved unfortunate. If they'd started buying when Trump called for it, they would have purchased at around $93,000 per coin. Bitcoin has since declined by roughly one-third to approximately $64,000.
Existing Holdings and Disclosure Questions
The U.S. government holds an estimated bitcoin stockpile of more than 300,000, valued at approximately $21 billion. Federal agencies have examined what crypto holdings the U.S. has but have declined to share that number publicly, adding to the opacity around the initiative.
No legislation has yet advanced to formalize the bitcoin reserve concept, though efforts have simmered among lawmakers in both chambers. The stalled legislative progress underscores the political and bureaucratic friction surrounding federal crypto policy.
Worth noting: Trump has amassed his own personal bitcoin holdings valued at more than $50 million, according to his recent financial disclosure.
