CoinDesk
More than fifteen months after President Donald Trump signed an executive order directing his administration to build a Strategic Bitcoin Reserve and a separate U.S. Digital Asset Stockpile, the White House says it is still "evaluating the best structure" for the funds. The administration has yet to publicly disclose how much bitcoin the federal government actually holds, though outside estimates put the figure at more than 300,000 BTC, worth roughly $21 billion at recent prices.
The holdup, according to a Bloomberg report, is partly an inter-agency turf fight: both the Treasury Department and the Commerce Department have made the case to house the reserve, and no final call has been made. White House chief crypto adviser Patrick Witt and his predecessor have both said Congress will ultimately need to pass legislation to formalise the funds, since executive orders do not carry the force of law. No such bill has advanced, and the outlook dims further if Republicans lose their congressional majorities in this year's midterms.
Why it matters
The reserve was widely treated as a done deal when Trump signed the order in March 2025, and crypto lobbyists have grown visibly frustrated by the wait. Even if the administration settles on a structure, it is unclear whether officials will pull the lever to formally vault the government's existing bitcoin into a reserve, especially after BTC has fallen roughly a third from the $93,000 level when the order was signed to just above $64,000 today. Trump has separately accumulated personal bitcoin holdings exceeding $50 million, per his recent financial disclosure.
Market impact
The absence of a formal reserve removes a near-term bid the market had been pricing in, and the political calendar now caps any legislative path. Watch the midterms and any Treasury vs Commerce decision as the two binary catalysts that could either unlock the reserve or quietly shelve it through the next cycle.
Frequently asked questions
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When did Trump sign the executive order for a bitcoin reserve?
President Donald Trump signed the executive order in March 2025, directing his administration to build a Strategic Bitcoin Reserve and a separate U.S. Digital Asset Stockpile of other cryptocurrencies.
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How much bitcoin does the U.S. government actually hold?
The administration has declined to publicly disclose the figure. Outside estimates cited in the report put holdings at more than 300,000 BTC, worth roughly $21 billion at recent prices.
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Why is the reserve still not set up?
The White House says it is still evaluating the best structure. A Bloomberg report points to a turf fight between the Treasury and Commerce departments over which would house the reserve, and no final decision has been announced.
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Does Congress need to pass a law for the reserve to work?
White House crypto adviser Patrick Witt and his predecessor have said yes, because executive orders do not carry the force of law. No such legislation has advanced in either chamber, and the midterms could make passage even less likely.
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How has bitcoin performed since the executive order was signed?
Bitcoin has fallen roughly a third since the order was issued, dropping from around $93,000 at signing to just above $64,000 at the time of the report.
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