The Donald Trump administration has not yet determined who and how will manage the federal bitcoin reserve. The White House stated that it continues to seek the optimal structure for a separate BTC fund and a stockpile of other digital assets.
The White House Has Not Chosen a Reserve Model
The idea of a federal bitcoin reserve remains in progress 16 months after Donald Trump’s executive order. The administration is still evaluating which structure is best suited for holding BTC on the government’s balance sheet.
According to Bloomberg, the US Department of the Treasury and the Department of Commerce are among the possible curators under consideration. Both agencies could claim the role of managing body. This complicates the launch, since it’s not just about storing the asset, but also about fully distributing powers.
A White House representative told CoinDesk that the president ran for office with the idea of securing the US’s status as a global center for cryptocurrencies and new technologies. According to her, the administration continues to evaluate the best format for the reserve and the U.S. Digital Asset Stockpile.
Trump’s Order Did Not Resolve the Legal Issue
Trump signed the executive order in March 2025. The document instructed work to begin on a strategic bitcoin reserve and a separate stockpile of other crypto assets.
Since then, federal agencies have been checking which digital assets the government already owns. Authorities have not disclosed the exact amounts. At the same time, agencies have been studying how funds could be formed and who should be responsible for them.
The main problem is that a presidential order by itself is not equivalent to law. Full-scale launch of the reserve requires support from Congress. This was previously stated by the White House’s chief cryptocurrency adviser Patrick Witt and his predecessor.
So far, the relevant bill has not advanced. And if Republicans lose their majority in the House of Representatives or in both chambers in the midterm elections, the chances for a quick implementation of the initiative will decrease.
Government BTC May Remain Outside the Reserve
Even if the administration agrees on a structure, the question of actual launch remains. It is unclear whether the White House will be able to officially transfer government bitcoins to the new reserve.
Estimates suggest that US authorities may control more than 300,000 BTC. At current prices, that’s about $21 billion. However, without a legislative framework, these assets may remain simply confiscated or held funds, rather than part of a formalized fund.
The administration calls the future mechanism a strategic reserve. But in essence, it differs from classic government stockpiles. Usually, such reserves are used in crisis situations. In the case of BTC, it is more about long-term storage rather than selling the asset to stabilize the market.
They Do Not Want to Buy With Taxpayer Money
In the order, Trump instructed to find ways to increase the bitcoin reserve without directly using taxpayer funds. Various options have been discussed since then, but there is still no public working mechanism.
The situation is complicated by price dynamics. If authorities had started buying BTC immediately after the order, the entry could have been around $93,000. Now bitcoin is trading just above $64,000, about a third lower than those levels.
This makes the topic politically sensitive. Any purchase at the expense of the budget could provoke criticism, especially if the price falls. Therefore, the administration is trying to find a scheme that would not look like speculation with public funds.
The Crypto Market Expected Quick Decisions
After the March order, many industry participants saw the reserve as an almost settled matter. For the market, this was supposed to be an important signal: the world’s largest economy not only recognizes BTC, but is ready to hold it as a long-term asset.
However, expectations did not match reality. Lobbyists and cryptocurrency supporters have been waiting for concrete action for over a year, but the process remains at the stage of discussions between agencies and lawyers.
Against this background, disappointment is growing. Formally, the idea has not been removed from the agenda. But without a law, a managing structure, and a clear source of replenishment, the reserve remains a political promise, not a working tool.
Trump’s Personal Assets Intensify the Debate
Trump’s personal crypto assets have attracted special attention. According to a recent financial disclosure, Trump owns more than $50 million in bitcoin.
This fact adds political sharpness to the topic. On the one hand, it confirms the president’s personal involvement in the crypto market. On the other hand, critics may see a conflict of interest if the administration promotes a government BTC fund against the backdrop of the White House leader’s personal investments.
The main question remains the same. The US could become the first major country with an official bitcoin reserve, but for this, the White House needs to go through Congress, reach agreement between agencies, and explain exactly how the fund will work.
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