White House Evaluates Bitcoin Reserve Structure as Plans Progress

The White House is still determining the appropriate structure for a federal bitcoin reserve, a process that began with President Donald Trump’s executive order in March 2025. The White House spokesperson, Liz Huston, stated, "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 evaluation is ongoing 16 months after the initial order, as federal agencies consider which department would manage the proposed reserve, with both the Treasury and Commerce departments vying for the role.

The setup of this bitcoin reserve has become complex, primarily due to the lack of legislative backing from Congress, which is required to formalize the initiative. The chief crypto adviser to the White House, Patrick Witt, highlighted the necessity for congressional support, noting that executive orders lack the force of law without subsequent legislation. Lawmakers in both the Senate and House have expressed interest; however, a significant roadblock remains: the uncertainty surrounding the government’s bitcoin holdings, which are estimated to exceed 300,000 bitcoins, valued at approximately $21 billion.

Crypto enthusiasts were initially optimistic about the establishment of the U.S. bitcoin reserve when Trump announced it, viewing it as a pivotal move for the nation’s position in the cryptocurrency sector. However, the protracted timeline without significant action has led to frustration within the digital asset community. Many anticipated that efforts would materialize soon after the executive order, but Congress has not produced the necessary legislation to facilitate this effort.

Furthermore, as the process unfolds, various strategies for acquiring bitcoin without taxpayer funds have been considered. Some insights suggest that if acquisition had commenced at the order's announcement, the government would have realized losses, as the price of bitcoin has seen a considerable decline since then. The price of bitcoin has decreased from around $93,000 to approximately $64,000 recently.

As the 2026 midterm elections approach, the fate of the proposed legislation remains uncertain. Should the Republican party lose its majority, the future of this initiative could be significantly hampered. Thus, stakeholders will need to closely monitor both legislative developments and the performance of bitcoin as the government contemplates its involvement in this emerging asset class.