| "Establishment Of The Strategic Bitcoin Reserve And United States Digital Asset Stockpile" | |
 | |
| Type | Executive order |
|---|---|
| President | Donald Trump |
| Signed | March 6, 2025 |
| Summary | |
| Establishes a Strategic Bitcoin Reserve to maintain government-owned Bitcoin as a national reserve asset, along with a Digital Asset Stockpile for other cryptocurrencies. | |
TheStrategic Bitcoin Reserve is a proposed reserve asset, funded by theUnited States Treasury's forfeitedbitcoin, announced by PresidentDonald Trump in March 2025. Separately, a digital asset stockpile for non-bitcoin assets was also created. Trump has previously stated that he wants the US to become the "crypto capital of the world".[1][2][3][4]
The reserve will be capitalized with bitcoin already owned by the federal government.[5] The United States is the largest known state holder of bitcoin in the world, estimated to hold about 198,000 BTC, as of August 2025.[6]
The reserve has provoked mixed reactions, from some economists criticizing the idea,[7] to governments of several states initializing similar projects.[8][9][10]
During hisfirst presidency (2017–2021), Trump voiced his disapproval of bitcoin and other cryptocurrencies,[11] but later changed his mind.[12]
On July 15, 2024, Donald Trump officially selectedJD Vance as his running mate for the presidential election.[13] Vance was the first known Bitcoin owner to run for vice-president.[12] On July 27, 2024, Trump announced his intention to establish a bitcoin reserve, if elected.[14]
On July 31, 2024, Republican senatorCynthia Lummis introduced BITCOIN Act proposing the creation of a strategic bitcoin reserve and a purchase of 1,000,000 BTC for it. The Act was blocked by Democratic senatorSherrod Brown.[15][16]
In August 2024, Trump disclosed that he owns $1–5 million worth ofethereum.[17]
In November 2024, Trump choseHoward Lutnick to be theUnited States Secretary of Commerce. Lutnick owns “hundreds of millions of dollars” in bitcoin, according to his own public statements.[18][19]
In December 2024, Trump said he would nominatePaul S. Atkins to run theSecurities and Exchange Commission (SEC). Atkins has been involved in several cryptocurrency advocacy groups, including the Token Alliance and theChamber of Digital Commerce.[20]Gary Gensler, the head of the SEC at the time, was a "staunch advocate of sweeping cryptocurrency regulation".[21]
In January 2025, Trump signed an executive order, titled "Strengthening American Leadership in Digital Financial Technology," established the Presidential Working Group onDigital Asset Markets to evaluate the potential creation of a national digital asset stockpile and to propose criteria for establishing such a stockpile. The order also proposed to use lawfully seized cryptocurrencies to fill the stockpile.[22]
In February 2025, theHouse Committee on Financial Services and theSenate Banking Committee held hearings on the topic of Biden's administration's alleged attempts to suppress the American cryptocurrency industry.[23][24] Also in February, Trump nominatedBrian Quintenz, an advocate of cryptocurrencies, to head theCFTC.[25]
On March 3, 2025, President Trump announced that the reserve would includeSolana (SOL),Cardano (ADA),Ripple (XRP),Ethereum (ETH), andBitcoin (BTC) aiming to make the US the "Crypto Capital of the World" and support industry growth.[26][27][28] The announcement caused the prices of Solana, Cardano, and XRP to jump after Trump's announcement, followed by the prices gradually declining on Monday.[29]
The reserve is intended to elevate the digital asset sector, responding to what Trump described as previousBiden administration attacks. It marks a shift from a vague stockpile concept to naming specific cryptocurrencies, potentially purchased or held by the government for strategic purposes. The working group, chaired by the White House AI & Crypto CzarDavid Sacks, is expected to provide recommendations by July 2025.[2]
The next day after signing the second executive order, Trump held a "Digital Asset Summit" in the White House, attended by representatives of major American crypto companies, includingChainlink,Gemini,Robinhood,Kraken,MicroStrategy,Coinbase,Paradigm, and others.[30]
On March 11, 2025, senator Cynthia Lummis introduced a bitcoin reserve bill again, this time co-sponsored by 5 other senators. The bill would direct a purchase of 1 mln BTC over five years, by diversifying existing federal funds. According to Lummis, the bill will transform "the president’s visionary executive action into enduring law".[31][32]
On March 24, 2025,Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets, stated that selling some of the U.S. gold holdings would be a budget-neutral way to acquire more bitcoin.[33]
In March 2025, two federal banking regulators (OCC andFDIC) announced that banks do not need to receive advance permission to engage in cryptocurrency anymore.[34][35] In April 2025, theU.S. Justice Department disbanded its National Cryptocurrency Enforcement Team, citing a Trump's order to allow citizens to access blockchain networks without facing persecution.[36]
In July 2025, Trump signed The Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). The new law allows banks,nonbanks andcredit unions to issue their ownstablecoins, under certain conditions.[37][38]
A strategic reserve is a stockpile of resources kept by governments to provide a safety net during hard times. Examples include theUS Strategic Petroleum Reserve andUnited States Bullion Depository for gold.[39]
On March 6, 2025, Trump signed an executive order to establish a strategic bitcoin reserve.[40][41] The executive order establishes:[40][41][42]
Federal agencies must account for all digital assets and review transfer authority within 30 days.Also, the Treasury Secretary must evaluate legal and investment factors and propose legislation within 60 days.[10]Both of these deadlines have passed with no update or action from Federal agencies or the Treasury Secretary.
Belarus: president ofBelarusAlexander Lukashenko announced that the country should develop its cryptocurrency mining industry, arguing that the bitcoin reserve in the US is an indication of cryptocurrencies' global importance.[43]
European Union: the managing director of theEuropean Stability Mechanism publicly criticized the US policy shift towards cryptocurrencies, arguing that it could "affect theeuro area's monetary sovereignty and financial stability" due to the risks for the EU'sdigital euro project, especially from the possibility that American tech giants will create their ownstablecoins.[44] President of theEuropean Central Bank also criticized the idea, and stated that "bitcoin will not enter the reserves of any of the central banks of the [EU]."[45]
India: the Economic Affairs Secretary Ajay Seth announced that the Indian government is reviewing its stance on cryptocurrencies, due to the recent more positive attitude towards them in other countries.[46]
Pakistan: Bilal Bin Saqib, Chief Advisor to the Finance Minister, announced that the country will allocate part of its surplus electricity to Bitcoin mining.[47]
South Korea: in an official response,the Bank of Korea stated that it's not considering including bitcoin into reserves, citing high price volatility and the non-compliance withIMF's criteria for foreign exchange reserves.[48]
Switzerland:Swiss National Bank rejected a proposal to create a bitcoin reserve, citing bitcoin's volatility, relatively small market capitalisation, and the fact that bitcoin is a software.[49]
United States: 16 US states have introduced state-level bitcoin reserve legislation, as of March 7, 2025.[50][51][8]
YArizona: two reserve-related bills were introduced and passed by the state legislature. GovernorKatie Hobbs vetoed one of them (SB 1025),[52] but signed the second one (HB 2749) into law. The bill allows using seized assets for the Arizona reserve, but explicitly precludes buying assets.[53][54]
NFlorida: withdrew the bill.[55]NMontana: a bill failed to advance.[55]YNew Hampshire: on May 6, 2025 governorKelly Ayotte signed HB 302, a bill that allows the state treasure to invest intoprecious metals and sufficiently largedigital assets (with at least $500 billion market cap). At the time, only Bitcoin satisfied the requirement. Unlike the federal bitcoin reserve, the bill allows buying more Bitcoin, not just storing the current holdings.[55]NNorth Dakota: a bill failed to advance.[55]
COklahoma: passed out of committee.[56]NPennsylvania: a bill failed to advance.[55]YTexas: Measure S.B.21 signed into law on June 22, 2025, creatingTexas Strategic Bitcoin Reserve.[57]CUtah: passed out of committee.[56]NWyoming: a bill failed to advance.[55]In a February 2025 survey of economists byUniversity of Chicago, not a single economist agreed that borrowing money to create a strategic crypto reserve would benefit the US economy or that holding crypto assets would lower the risk of central banks' international reserves portfolios. In both cases, 13% declined to answer, and 8% answered as "uncertain".[7]
According to a representative ofS&P Global Ratings, “The significance of [Trump's] executive order is mainly symbolic, as it marks the first time Bitcoin is formally recognized as a reserve asset of the United States government.”[58]
Deutsche Welle, a German state-owned broadcaster, lists the following pros and cons of the proposed US national bitcoin reserve:[39]
In 2020,Iran implemented regulations that require Iranian bitcoin miners to sell bitcoin to theCentral Bank of Iran, so the central bank can use it for imports.[59]Shaparak, a subsidiary of the Central Bank of Iran, maintains control over 42 cryptocurrency exchanges.[60][61]
As of 2024,Bhutan, through the country'ssovereign investment arm, is running a large-scale bitcoin mining operation, utilizing the country's abundanthydroelectric resources. This allowed Bhutan to accumulate $750 million in bitcoin holdings, representing 28% of the small country's GDP.[62]
As of March 2025,El Salvador has over 6102 BTC in itsbitcoin reserves (worth $550 million at the time).[63]
Parliaments of several countries introduced bills to allow their respective central banks to hold a bitcoin reserve, includingArgentina,[64]Brazil,[65]Hong Kong,[66]Japan.[67]
Japan'sGovernment Pension Investment Fund has announced plans to explore diversifying into Bitcoin.[67]
In December 2024, Russian state-owned news agencyRIA Novosti reported on an official proposal to create a Russian strategic bitcoin reserve, afterPutin praised bitcoin as an alternative to foreign currency reserves.[68]
In January 2025, theCzech National Bank announced that it will consider holding as much as 5% of its 140 billion euro ($146 billion) reserves in bitcoin.[9]
Authorities of several countries have accumulated large bitcoin holdings. As of July 2025, the largest known state holders included:[69]
Other large holders include Finland (890 BTC), and India (450 BTC).[72]
