Update (March 6, 11:40 pm UTC): This article has been updated to add an X post from Charles Gasparino and information on US government crypto holdings.
Update (March 7, 12:31 am UTC): US President Donald Trump has since signed an executive order establishing a “Strategic Bitcoin Reserve” on March 7.
US President Donald Trump could reportedly sign an executive order to create a Bitcoin reserve during the White House Crypto Summit on March 7.
Such a reserve would be expected to buy more Bitcoin (BTC), in comparison to the US hanging on to the BTC it already owns through criminal seizures, Bloomberg reported on March 6, citing people familiar with the matter.
However, there’s a range of options for several potential crypto-related executive actions being considered. Trump could also announce that the US will stop selling crypto it has seized and use it to seed a national crypto stockpile.
One possible proposal could also affect the tax treatment of crypto, which may need review and approval from Congress.
Trump’s possible actions are still under discussion and might not happen or change, Bloomberg reported.
Trump signed an executive order in January creating a working group under White House AI and crypto czar David Sacks to evaluate “the creation of a strategic national digital assets stockpile.”
On March 2, Trump posted on his social media platform Truth Social that the crypto reserve would include XRP (XRP), Solana (SOL) and Cardano (ADA). He later added Ether (ETH) and Bitcoin (BTC) would be “the heart” of the reserve.
Meanwhile, Fox Business correspondent Charles Gasparino said in a March 6 X post that his sources said the White House was preparing to soon further clarify details of the crypto reserve.
Related: Trump’s World Liberty bought $20M worth of crypto ahead of March 7 summit
“My guess is it will address the funding mechanism, ie, the potential roadblock for buying digital coins [with] taxpayer money (they would need congressional approval, which is next to impossible),” Gasparino said.
Source: Charles Gasparino
Gasparino said another way to potentially fund crypto purchases would be to use Trump’s idea of a sovereign wealth fund, which he signed an executive order to explore creating last month.
He added, as Bloomberg reported, that the White House could look to fund the plan initially with crypto seized in criminal cases.
The US government is holding around $18.28 billion worth of seized crypto, with 198,109 BTC worth $17.87 billion making up the bulk of its holdings, according to Arkham Intelligence.
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