The United States government will conduct a comprehensive audit of existing cryptocurrency holdings as one of the first steps following the creation of the Strategic Bitcoin Reserve and a separate stockpile of other digital assets, according to a senior White House official.
The announcement comes ahead of an industry summit that will be attended by prominent figures from the crypto sector.
President Donald Trump signed an executive order late Thursday to create the Strategic Bitcoin Reserve and an additional stockpile of other digital assets that would be funded by cryptocurrencies lost in legal proceedings. The order states that the reserve is intended to hold Bitcoin, while the stockpile will consist of other digital assets obtained through legal channels.
The U.S. government has held significant amounts of Bitcoin before, most notably after the Silk Road exchange was shut down. At one point, it controlled about 400,000 Bitcoin, according to the senior official, but about half of that amount has since been sold.
The government is currently estimated to own around $17.5 billion worth of Bitcoin and around $400 million worth of other various digital assets, based on data from blockchain research firm Arkham.
The executive order directs the Treasury and Commerce departments to develop “budget-neutral strategies” to increase bitcoin holdings for the reserve without additional cost to taxpayers. However, the government will not acquire additional cryptocurrencies beyond those obtained through forfeitures for the general stockpile.
Trump’s order was issued ahead of a meeting at the White House today to reinforce his administration’s policies and discuss the future of cryptocurrency regulation under his leadership. The meeting follows a period of heightened regulatory scrutiny during President Joe Biden’s tenure, particularly following the collapse of the FTX exchange.
*This is not investment advice.
