- On March 6, US President Donald Trump issued an order to establish a Strategic Bitcoin Reserve and Digital Asset Stockpile.
- The value of assets in these funds has increased mainly through asset forfeiture, but their prices have dropped significantly since.
- Estimates of the US government’s bitcoin holdings vary widely, ranging from about 198,000 to over 326,000 BTC.
- The Digital Asset Stockpile likely includes several altcoins with mixed performance, resulting in a median return loss of up to 10% since early April.
- The US government has yet to provide a detailed public accounting or a formal list of its digital assets, despite requirements under the executive order.
On March 6, US President Donald Trump directed the creation of a Strategic Bitcoin Reserve (SBR) and a Digital Asset Stockpile to hold cryptocurrency assets. This initiative is intended to consolidate and manage digital assets under government control.
The quantity of crypto assets in both funds has increased considerably, primarily through criminal and civil asset forfeitures. However, despite this rise in holdings, the prices of these assets have declined sharply following the executive order. Using data from Arkham, the median return across major assets in the funds is estimated at -10% roughly 30 days after the order.
Precise details on when the SBR and Digital Asset Stockpile officially formed are unclear. The public has not yet received a comprehensive report on government-owned digital assets, as mandated by the executive order. Additionally, no official government website lists the assets in these funds.
Public attempts to estimate the holdings include Arkham’s assessment, which values US government crypto assets at about $27 billion. However, discrepancies exist between various trackers. For example, CoinGecko estimates the government owns 325,293 BTC, aligning closely with both Arkham and BitcoinTreasuries, which estimate 326,588 BTC. In contrast, BitBo reports a smaller figure of about 198,012 BTC.
Tracking of altcoins remains limited, complicating the analysis of the digital asset portfolio’s composition and returns. Assuming the stockpile contains Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA)—the coins initially mentioned in the executive order—the average return since April 5 is approximately -4.5%. Bitcoin’s price has remained flat over this period and does not greatly affect these return calculations.
According to another approach using assets listed on Arkham’s dashboard, returns for altcoins excluding bitcoin and those pegged to USD are mixed. For instance, ETH gained 49%, Binance Coin (BNB) rose 39%, while assets like SAND, RNDR, SHIB, and BAND fell between 36% to 46%. The median performance across these assets is about -10%.
Although several announcements suggested altcoins would be included alongside Bitcoin in the reserve, only Bitcoin has been formally added to the Strategic Bitcoin Reserve as of now.
For additional information, the original executive order can be found here, and related asset value estimates are available via Arkham and CoinGecko.
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