Bitcoin's U.S. reserve still a work-in-progress as federal agencies hash it out
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- The White House told CoinDesk it's still evaluating "the best structure" for the Strategic Bitcoin Reserve and a separate U.S. Digital Asset Stockpile, both launched by Trump's March 2025 executive order
- Treasury and Commerce departments are both making cases to house the funds, per a Bloomberg report, complicating the setup
- White House crypto adviser Patrick Witt said Congress must pass legislation to formalize the reserve, and no bill has advanced despite efforts simmering in both chambers
- The U.S. government is estimated to hold more than 300,000 bitcoin worth roughly $21 billion, but it's unclear whether the administration can officially move those holdings into the new structure
- Bitcoin was trading near $93,000 when Trump issued the order and has since fallen about a third to roughly $64,000 today
- Trump personally disclosed holding more than $50 million in bitcoin in his recent financial filing, even as the federal reserve he ordered remains in limbo
Why it matters: Crypto lobbyists who've spent a year watching the executive order languish now face a narrowing window: if Republicans lose either chamber in November's midterms, the legislation Witt says is required becomes far less likely, leaving an estimated $21 billion in seized bitcoin without the formal reserve structure Trump promised on the campaign trail.
