Bitcoin Reserve Plan in Limbo as U.S. Agencies Remain Divided

Paraphrased Version:

The White House says it is still assessing the most suitable framework for a federal fund that would hold Bitcoin as a long-term reserve, alongside a separate pool for other digital assets.

More than 16 months after Donald Trump directed his administration to establish such a reserve, officials acknowledge that the structure is still not finalized. A Bloomberg report indicates that both the Treasury Department and the Commerce Department are being considered to oversee the initiative.

Trump signed an executive order in March 2025 to begin developing a strategic bitcoin reserve and a broader stockpile of other cryptocurrencies. Since then, federal agencies have reviewed the government’s crypto holdings—though those figures have not been publicly disclosed—and have been working on a plan to build the reserves. However, progress has been slowed by competing claims from the two departments over who should manage the funds.

“President Trump campaigned on a vision of making the U.S. the global hub for cryptocurrency and advanced technologies,” said White House spokesperson Liz Huston. “To achieve that goal, the administration is continuing to evaluate the best structure for both a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile.”

The White House’s top crypto adviser, Patrick Witt, along with his predecessor, has emphasized that congressional approval will likely be necessary to fully establish and activate these funds. Executive orders alone do not carry the force of law, and no related legislation has yet been passed, though discussions are ongoing in both the Senate and the House of Representatives. If Republicans lose control of one or both chambers in upcoming midterm elections, the chances of formalizing Trump’s proposal could diminish further.

Even if the administration settles on a structure, it remains uncertain whether it will be able to formally transfer the government’s bitcoin holdings—estimated at over 300,000 BTC, worth around $21 billion—into an official reserve.

The government’s bitcoin holdings are intended to serve as a long-term strategic asset, aligning with the administration’s vision of a national reserve, though key details still remain unresolved.