The White House says it is still determining the most effective setup for a federal fund that would hold Bitcoin as a long-term reserve, along with a separate pool for other digital assets.
More than 16 months after Donald Trump signed an executive order to create the reserve, officials acknowledge that the framework remains unfinished. Bloomberg reports that both the Treasury Department and the Commerce Department are being considered to oversee the initiative.
Trump’s March 2025 executive order called for the creation of a strategic bitcoin reserve and a broader digital asset stockpile. Since then, federal agencies have reviewed the government’s crypto holdings—without publicly revealing the totals—and have been working on plans to build the reserves. However, progress has been slowed by a disagreement between the two departments over who should take charge.
White House spokesperson Liz Huston said the administration is still focused on Trump’s goal of making the U.S. a global leader in cryptocurrency and advanced technologies, adding that officials are continuing to evaluate the most suitable structure for both the bitcoin reserve and the wider digital asset stockpile.
The administration’s top crypto adviser, Patrick Witt, along with his predecessor, has said that congressional approval will likely be necessary to fully establish and activate the funds. Executive orders alone do not carry the force of law, and no related legislation has been passed, though discussions continue 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 the plan could decline.
Even if a structure is agreed upon, it remains uncertain whether the government will formally allocate its bitcoin holdings—estimated at over 300,000 BTC, worth roughly $21 billion—into an official reserve.
The administration views these holdings as a long-term strategic asset, but key questions around implementation and authority remain unresolved.
