President Trump has revealed the digital assets he intends to include in the U.S. crypto strategic reserve, leading to a surge in the value of these coins, many of which had recently been underperforming.
The five cryptocurrencies under Trump’s consideration are Bitcoin, Ether, XRP, Solana, and ADA. In January, he signed an executive order to assess the “potential creation and maintenance of a national digital asset stockpile.”
On Sunday, Trump referred to what he had previously labeled a “stockpile” as a “Crypto Strategic Reserve.”
“My Executive Order on Digital Assets instructed the Presidential Working Group to proceed with a Crypto Strategic Reserve that comprises XRP, SOL, and ADA. I am committed to ensuring the U.S. becomes the Crypto Capital of the World,” Trump posted on Truth Social.
“Naturally, BTC and ETH, as other significant cryptocurrencies, will be the cornerstone of the Reserve. I have a fondness for Bitcoin and Ethereum!”
Trump did not disclose the amount that would be allocated to each digital asset.
All five cryptocurrencies experienced significant value increases on Sunday, with rises ranging from 8% to 20% by 2 p.m. ET.
Bitcoin, the largest cryptocurrency by market capitalization, had been trading at around $86,000 per coin, a decrease from a peak of approximately $106,000 earlier this year. Following Trump’s announcement, it surged to nearly $93,000.
Ether’s value increased by about 11.6% to around $2,476 by 2 p.m. ET, while XRP also rose by 11.6% to $2.76. Solana saw a remarkable 20% surge to $168.45, and ADA climbed approximately 11.6% to $0.66.
Interestingly, Solana’s blockchain hosts Trump’s namesake memecoin — a type of cryptocurrency that gains value primarily from internet hype rather than intrinsic worth or utility.
In January, the Trump memecoin was launched, briefly elevating Trump’s net worth to over $60 billion by some estimates.
The Trump coin’s value plummeted from around $44 to approximately $13 on Saturday, but on Sunday, it rebounded by more than 18.5% to $15.39 by 2 p.m. ET.
Members of Trump’s family have also engaged in launching or investing in cryptocurrencies.
During his campaign, Trump garnered considerable support from the crypto community and pledged to foster a positive environment for the sector during his presidency.
In recent years, cryptocurrencies have been a hotspot for pump-and-dump schemes and various scams.
Last month, Argentina’s President Javier Milei endorsed the Libra coin, causing its value to soar before early investors cashed out, resulting in a price collapse. Crypto developer Hayden Davis, who was involved in launching Libra, later labeled the industry as an “insiders’ game.” As a result, Milei is currently under investigation.
Additionally, last year, Haliey Welch, who was central to the “Hawk Tuah” meme, faced scrutiny after her digital coin surged in value due to her promotion, only to lose approximately 95% of its value within hours.
Trump is set to host a cryptocurrency summit at the White House on Friday.
He has appointed David Sacks as the White House czar for cryptocurrency and artificial intelligence.
