Sixteen months after President Donald Trump ordered his administration to build a federal bitcoin reserve, the White House says it is still working out how the fund should be structured, and a dispute between two departments has slowed the effort, according to recent reporting from Bloomberg.
Trump signed an executive order in March 2025 to create what he called a Strategic Bitcoin Reserve, along with a separate U.S. Digital Asset Stockpile for other cryptocurrencies.
The order directed the Treasury and Commerce departments to develop budget-neutral methods for acquiring bitcoin, ones that would not draw on taxpayer money.
The reserve was to be funded in large part with bitcoin the government already holds through criminal and civil forfeitures.
Strategic Bitcoin Reserve obstacles
According to Bloomberg, the plan has run into two obstacles. Treasury and Commerce are each making a case to run the reserve, and questions have arisen over whether Treasury has the legal authority to manage the holdings.
People familiar with the matter, who were not authorized to speak in public, said housing the reserve inside the Commerce Department is one option under review.
The Justice Department said its Office of Legal Counsel “is working closely with both the Treasury and Commerce departments to determine legally available options to accomplish the president’s policy.”
A further concern is whether the government can hold bitcoin for an indefinite period, as the order intended, given the currency’s price swings.
“President Trump campaigned on a vision of cementing America as the global capital of cryptocurrency and other cutting-edge technologies,” White House spokesperson Liz Huston said in a statement. “To deliver on the president’s vision, the Trump administration continues to evaluate the best structure for a Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile.”
The administration’s chief crypto adviser, Patrick Witt, said in April that he expected a major announcement within weeks. That announcement has not come.
Officials have said a presidential order alone cannot complete the project. The order does not carry the force of law, and Congress has not passed legislation to authorize the reserve.
Yesterday, while speaking on the newly introduced Trump Accounts, President Trump said bitcoin could eventually be added to the accounts, saying “something could happen” when asked about the asset. Trump also said he’s “a big fan of crypto.”
New Bitcoin legislation introduced
A bill from Sen. Cynthia Lummis, R-Wyo., and Rep. Nick Begich, R-Alaska, would codify the order and set a target of acquiring 1 million bitcoin over five years through budget-neutral strategies. No such measure has advanced. If Republicans lose their House majority in this year’s midterm elections, the prospect of passage could dim.
The government’s bitcoin position ranks among the largest in the world. Estimates put it above 300,000 coins, worth more than $20 billion at current prices, according to Arkham Intelligence. The White House has said premature sales of seized bitcoin cost taxpayers about $17 billion over the years, and that a single reserve holding the asset for the long term would give the country a strategic advantage.
Timing has also worked against the plan as an investment. Bitcoin reached a record in October, a rally the administration tied in part to enthusiasm about Trump, then fell close to 50% from that peak. When Trump first called for the reserve, bitcoin traded near $93,000; it now sits above $64,000, a drop of about a third.
While the structure remains unresolved, Trump has built a personal bitcoin position of more than $50 million, according to his recent financial disclosure.
The reserve, described by the administration as strategic, differs from a conventional strategic reserve because it is meant to be held for the long term rather than tapped during market emergencies.
