Update (March 6, 11:40 pm UTC): This article has been revised to include an X post from Charles Gasparino and details concerning US government cryptocurrency holdings.
Update (March 7, 12:31 am UTC): On March 7, US President Donald Trump signed an executive order to establish a “Strategic Bitcoin Reserve.”
It is reported that US President Donald Trump may sign an executive order to establish a Bitcoin reserve during the White House Crypto Summit scheduled for March 7.
This reserve is anticipated to acquire additional Bitcoin (BTC), as opposed to the US retaining the BTC it has already obtained through criminal seizures, according to a Bloomberg report from March 6, citing sources familiar with the situation.
Nevertheless, a variety of options for potential executive actions regarding cryptocurrency are currently under consideration. Trump might also announce a halt to the sale of seized crypto, utilizing it to initiate a national crypto stockpile.
Additionally, a potential proposal could impact the tax treatment of cryptocurrency, requiring review and approval from Congress.
The possible actions by Trump remain under discussion and are subject to change, as reported by Bloomberg.
In January, Trump signed an executive order to form a working group under White House AI and crypto leader David Sacks, tasked with evaluating “the creation of a strategic national digital assets stockpile.”
On March 2, Trump shared on his social media platform, Truth Social, that the crypto reserve would encompass XRP (XRP), Solana (SOL), and Cardano (ADA), later confirming that Ether (ETH) and Bitcoin (BTC) would form the central components of the reserve.
Simultaneously, Fox Business correspondent Charles Gasparino noted in a March 6 post on X that his sources indicated the White House is preparing to clarify details regarding the crypto reserve shortly.
Related: Trump’s World Liberty acquired $20M in crypto prior to the March 7 summit
“I suspect it will address the funding mechanism, specifically the potential obstacle for purchasing digital coins [with] taxpayer funds (which would necessitate congressional approval, a significant hurdle),” Gasparino elaborated.
Source: Charles Gasparino
Gasparino suggested that an alternative funding method for crypto purchases might involve utilizing Trump’s proposal for a sovereign wealth fund, which he initiated exploration for last month through an executive order.
He further stated, as reported by Bloomberg, that the White House could consider funding the initiative initially with cryptocurrency acquired through criminal seizures.
The US government currently holds approximately $18.28 billion in seized cryptocurrency, with 198,109 BTC valued at $17.87 billion constituting the majority of its assets, according to Arkham Intelligence.
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