President Donald Trump’s order to establish a bitcoin (BTC) reserve is meant to set up the original cryptocurrency as a U.S. reserve asset that deserves special treatment apart from other crypto assets, according to a senior White House official.
The order’s additional crypto stockpile of other assets will only gather those obtained by the U.S. government in seizures, the official said on Friday, hours before an afternoon crypto summit at the White House. The bitcoin reserve, which the official said will start with an estimated 200,000 bitcoin currently in government hands, could get active investment in the future, if senior administration officials can find ways to put new money in without leaning on taxpayer funds.
Meanwhile, the federal government will embark on an audit to figure out exactly how much it currently has in crypto that will be moved to the new funds, the official said.
Read More: Trump Orders ‘Fort Knox’ Bitcoin Reserve and Digital Assets Stockpile
The Friday summit will welcome a long list of crypto leaders — including top executives of Coinbase, Ripple, Kraken, Gemini, Chainlink and Robinhood — to offer their views on industry policy in a roundtable meeting with officials from the Trump administration.
Trump is also scheduled to appear at the 3 p.m. event, where he’s expected to speak about the executive order he signed on Thursday night that directed the establishment of the U.S. bitcoin reserve. The reserve — also including the second stockpile for all other crypto assets — will only hold digital assets seized through criminal and civil cases and not yet an active buying program, which came as a disappointment to some industry observers.
The White House maintains that a lack of foresight about holding on to previously seized crypto has cost the U.S. about $17 billion. The new reserve will plan to hold the bitcoin for an undefined long period of time. The administration sees bitcoin as the most decentralized cryptocurrency that’s protected from hackers, limited in supply and has a high value, the official said.
Because executive orders such as the one that calls for this new reserve aren’t permanent law, the official said additional legislative action would be welcome to cement the action.
The upcoming summit marks a major turning point for the crypto industry in the U.S., signaling a dramatic turnaround from the reputational quagmire of 2022’s collapse to this invitation to share the sector’s goals with a friendly White House.
The Republican-led Congress has, in the early days on this new session, so far shown a surge in crypto support. Just this week, the Senate voted overwhelmingly to favor an effort to erase a crypto tax rule instituted by the Internal Revenue Services at the tail end of the Biden administration.
The crypto industry rumor mill had predicted that tax issues may be raised at the Friday summit, but the official said that won’t be the case, and that the event will be a straightforward chance to highlight the administration’s intent to roll back the policies of former President Joe Biden’s era.
The official also addressed the industry frenzy that erupted after Trump posted days ago about other assets being part of his reserve plan, saying the sector read too much into the president’s roll call of popular crypto assets. The several assets he mentioned by name were listed because of their high market caps, the person said.
UPDATE (March 7, 2025, 15:35 UTC): Adds further comment from White House official.
UPDATE (March 7, 2025, 15:46 UTC): Adds the White House official’s comment on taxation.
UPDATE (March 7, 2025, 15:56 UTC): Adds the White House official’s comment on the stockpile of non-BTC assets.
