The White House says it is still working to determine the optimal structure for a federal fund that would hold Bitcoin as a long-term reserve, alongside a separate stockpile for other digital assets.
More than 16 months after Donald Trump signed an executive order to establish the reserve, officials admit the framework remains incomplete. According to Bloomberg, both the Treasury Department and the Commerce Department are being considered as potential overseers.
Trump’s March 2025 order directed 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 disclosing the totals—and have been developing plans to build out the reserves. However, progress has been slowed by a dispute between the two departments over control.
White House spokesperson Liz Huston said the administration remains committed to Trump’s goal of making the U.S. a global leader in cryptocurrency and emerging technologies, adding that officials are still evaluating the best structure for both the bitcoin reserve and the wider digital asset pool.
The administration’s chief crypto adviser, Patrick Witt, along with his predecessor, has said that congressional approval will likely be required to fully establish and operationalize the funds. Executive orders alone do not carry the force of law, and no legislation has yet been passed, though discussions continue in both the Senate and the House of Representatives. If Republicans lose their majority in one or both chambers in upcoming midterm elections, the chances of formalizing the plan could diminish.
Even if the structure is finalized, it remains unclear whether the government will officially transfer its bitcoin holdings—estimated at more than 300,000 BTC, or around $21 billion—into a designated reserve.
The administration intends for these holdings to function as a long-term strategic asset, but key details around governance and implementation are still being resolved.
