The discussion of incorporating Bitcoin into the U.S. national reserves has moved from concept to institutional arrangement. In March 2025, Trump signed an executive order requiring the establishment of a U.S. Strategic Bitcoin Reserve, using Bitcoin already held by federal agencies as initial assets.
The core of this reserve strategy is treating Bitcoin as a national asset akin to gold, oil, or foreign exchange reserves. Supporters emphasize its fixed total supply and autonomous management, while critics question its excessive price volatility, arguing it is unsuitable as part of sovereign reserves.
The U.S. reserve consists of seized assets.
According to the text, the initial size of the U.S. Strategic Bitcoin Reserve is approximately 200,000 BTC, primarily sourced from criminal forfeitures and civil seizures handled by agencies such as the Department of Justice, the Internal Revenue Service, and the Department of Homeland Security.
Among these, cases related to the Silk Road have been one of the largest sources. The U.S. government has previously sold large quantities of seized bitcoins through the Marshal’s system. A key change in the new executive order requires that bitcoins in reserve not be sold, distinguishing this approach from the past practice of “seize and auction.”
Additional purchases must satisfy "budget neutrality".
In addition to maintaining existing positions, the executive order requires the Treasury and Commerce Departments to study ways to acquire Bitcoin without increasing the tax burden on taxpayers. The document mentions that potential pathways under discussion include revaluing the gold certificates held by the Federal Reserve and using the resulting difference to purchase Bitcoin.
- Reserve assets are based on BTC held by federal agencies.
- Bitcoin held in reserves shall not be sold in principle.
- Non-Bitcoin digital assets can be sold and exchanged for BTC.
By mid-2026, the article states that the U.S. government held approximately 198,000 BTC in this reserve, valued at around $13 billion at the then-current price, making it one of the largest known government holdings of Bitcoin.
Establish a separate digital asset inventory
In addition to its Bitcoin reserve, the U.S. has established a separate "digital assets inventory" to hold other digital assets seized in federal cases, including Ethereum, stablecoins, and select altcoins.
The treatment of these assets differs from that of Bitcoin. The article states that non-Bitcoin assets may be sold at the government’s discretion, with the proceeds used to further increase strategic Bitcoin reserves.
Regarding custody, the associated bitcoins are reportedly managed by the Treasury in coordination with cold wallet and custodial service providers. For security reasons, the specific custody arrangements have not been fully disclosed, but the Treasury confirms that reserve audits are conducted quarterly.
Multiple countries are beginning to evaluate similar solutions.
The article states that, aside from the United States, at least ten other countries and multiple U.S. states have proposed legislation or administrative measures to establish Bitcoin reserves, including Brazil, the Czech Republic, Poland, Japan, as well as Texas, Arizona, New Hampshire, and Oklahoma.
At the national level, El Salvador remains one of the few countries to have explicitly established a national Bitcoin reserve. Since 2021, the country has consistently purchased Bitcoin and currently holds approximately 6,100 BTC. However, the article notes that new purchases have slowed due to conditions imposed by the International Monetary Fund.
The debate surrounding such reserves primarily focuses on three points: first, whether Bitcoin’s fixed total supply makes it suitable as a long-term reserve asset; second, whether self-custodied assets possess stronger sovereignty attributes in a geopolitical context; and third, whether including them in a reserve portfolio can diversify the concentrated risks associated with traditional dollar, treasury, and gold assets.