Author: Cointelegraph
Compiled by: AididiaoJP, Foresight News
Original title: U.S. Still Has No Plans to Advance Bitcoin Strategic Reserve
One year ago, U.S. President Trump signed an executive order to establish a U.S. Strategic Cryptocurrency Reserve. Now, a year later, the reserve's value has shrunk by billions of dollars.
Early in his administration, Trump established a special task force to study how the government could better implement and regulate cryptocurrencies, including plans for Bitcoin and cryptocurrency reserves.
Over the past year, the Trump administration has introduced multiple macroeconomic and policy adjustments. Among them, friendly regulatory policies from Washington have been beneficial for cryptocurrencies, but punitive tariffs and escalating geopolitical tensions have had negative impacts.
Currently, the number of tokens in the U.S. cryptocurrency reserve has remained largely unchanged since its establishment.
Trump's Crypto Reserve Largely Unchanged
On March 6, Trump established the "Strategic Bitcoin Reserve" and the "U.S. Digital Asset Reserve" via executive orders. The Bitcoin Reserve contains only Bitcoin, while the Digital Asset Reserve includes various altcoins. Before the order was issued, Trump had stated that the reserve would include XRP, Solana, and Cardano.
Source: Donald Trump
These two reserves "will not acquire additional assets by any means other than forfeiture proceedings."
This executive order essentially consolidated previously scattered seized assets from multiple federal regulatory and law enforcement agencies. The order stated that centralizing ownership, control, and management of these assets within the federal government would ensure proper oversight, accurate tracking, and a unified approach to managing the government's cryptocurrency holdings.
The government has not disclosed specific details of the Bitcoin Reserve and Digital Asset Reserve, but blockchain analytics company Arkham Research has identified multiple blockchain wallets associated with the U.S. government.
As of press time, the total value of cryptocurrencies held by the U.S. government is approximately $22.39 billion, with Bitcoin alone accounting for about $22 billion. Other major holdings include the stablecoin USDC, Ether, Wrapped Bitcoin (WBTC), and BNB.
(Data collected on March 4)
It is currently unclear how much of these assets belong to the formal reserve, and whether and how these assets have been transferred. However, the dollar value of the reserve has significantly decreased. Arkham data shows that when Trump signed the executive order, the total value of crypto assets held by the U.S. was over $30 billion. As of press time, this figure has dropped to $22 billion, a decline of 26%.
Significant decline in the value of the U.S. crypto asset portfolio since March 2025. Source: Arkham
The White House does not appear to be swayed by this. Deputy Press Secretary Kush Desai, commenting on the recent price drop, said: "In a free market, the government does not set prices. Market volatility does not change the Trump administration's determination to ensure U.S. dominance in cryptocurrency and other frontier technologies."
Bitcoin Holdings Unchanged, No Purchase Plans Yet
Despite hopes from staunch Bitcoin supporters that the U.S. government would start buying Bitcoin, the amount of Bitcoin held by the government has not changed. Since the executive order was signed, the U.S. government has held approximately 328,272 Bitcoin.
U.S. Bitcoin holdings have remained constant since the reserve's establishment. Source: Arkham
Ether is the second-largest crypto asset held by the U.S. government. Its quantity decreased after the executive order was signed, possibly due to exchanges or transfers. However, after April 2025, Ether holdings have remained largely stable.
Changes in Ether holdings. Source: Arkham
Tether's USDT is the largest stablecoin held by the U.S. government. It saw a significant increase of over 200 million tokens in May 2025, before falling back to pre-March 2026 levels.
Changes in USDT holdings. Source: Arkham
These buying and selling patterns are not entirely clear. As mentioned, the government has not publicly disclosed specific transaction volumes.
The new crypto reserve strategy does not completely rule out the possibility of the government buying Bitcoin, but requires that any purchases must be made in a way that "does not impact the budget." Commissioner for AI and Crypto Affairs David Sacks said last year: "Cannot increase the deficit, cannot increase debt, cannot tax the American people."
"Not a single penny from taxpayers. But if the Treasury Secretaries can find a way to accumulate more Bitcoin without burdening taxpayers, they can do so."
A year on, it is unclear whether the government has developed such a strategy, or how it would be implemented.
Jason Yanowitz, co-founder of crypto company Blockworks, told the BBC last year that a crypto reserve containing a variety of different assets could negatively impact the market. "Without a clear framework, arbitrarily selecting assets can distort markets and lead to a loss of public trust," he said. "Ensuring transparency through independent audits and public reporting is crucial for fostering innovation and avoiding favoritism."
Following the success of software company-turned-Bitcoin investment vehicle Strategy, the idea of establishing Bitcoin reserves gained traction last year, both at the state and corporate levels. The narrative of Bitcoin as "digital gold" made holding the asset attractive for government budgets.
According to data from tracking website BitcoinTreasuries.net, 10 countries including the United States, China, Ukraine, El Salvador, the United Kingdom, and North Korea currently hold Bitcoin.
At the corporate level, analysts expect industry consolidation as the bear market continues. Wojciech Kasicki, Chief Strategy Officer of crypto infrastructure and treasury company BTCS, previously told Cointelegraph that companies with Bitcoin treasury values below net asset value might be acquired by operating businesses.
Bitcoin reserves remain a new concept and have not yet been tested through a full crypto winter.
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