By the authority vested in me as President by the Constitution and the laws of the United States of America, I hereby order as follows:
Section 1. Background
Bitcoin is the earliest cryptocurrency. The Bitcoin protocol permanently limits the total supply of Bitcoin (BTC) to 21 million and has never been hacked. Due to its scarcity and security, Bitcoin is often referred to as "digital gold". As the supply of BTC is fixed, being one of the first countries to establish a strategic Bitcoin reserve provides a strategic advantage. The U.S. government currently holds a significant amount of BTC, but has not yet developed a policy to maximize the strategic position of BTC as a unique store of value within the global financial system. Just as we have a responsibility to carefully manage the nation's ownership and control of any other resource, our nation must leverage rather than restrict the power of digital assets to promote our prosperity.
Section 2. Policy
The policy of the United States is to establish a strategic Bitcoin reserve. Further policy is to establish a United States Digital Asset Stockpile as a secure account to manage the United States' holdings of other digital assets in an orderly and strategic manner.
Section 3. Establishment and Management of the Strategic Bitcoin Reserve and United States Digital Asset Stockpile
(a) The Secretary of the Treasury shall establish an office to manage and maintain a custodial account, to be known as the "Strategic Bitcoin Reserve", consisting of all BTC that have been forfeited as part of criminal or civil asset forfeiture proceedings, or used to satisfy any civil penalties imposed by any department or agency (Agency), and that are not required to be used to satisfy the requirements of section 9705 of title 31, United States Code, or released pursuant to subsection (d) of this section (Government BTC). Within 30 days of the date of this order, each Agency shall review its authorities and transfer any Government BTC it holds to the Strategic Bitcoin Reserve, and submit a report to the Secretary of the Treasury reflecting the results of that review. Government BTC deposited into the Strategic Bitcoin Reserve shall not be sold, but shall be held as a reserve asset of the United States, to be utilized in furtherance of government objectives in accordance with applicable law.
(b) The Secretary of the Treasury shall establish an office to manage and maintain a custodial account, to be known as the "United States Digital Asset Stockpile", consisting of all digital assets (other than BTC) that have been forfeited as part of criminal or civil asset forfeiture proceedings, and that are not required to be used to satisfy the requirements of section 9705 of title 31, United States Code, or released pursuant to subsection (d) of this section (Reserve Assets). Within 30 days of the date of this order, each Agency shall review its authorities and transfer any Reserve Assets it holds to the United States Digital Asset Stockpile, and submit a report to the Secretary of the Treasury reflecting the results of that review. The Secretary of the Treasury shall determine strategies for the responsible management of the United States Digital Asset Stockpile in accordance with applicable law.
(c) The Secretary of the Treasury and the Secretary of Commerce shall develop strategies for acquiring additional Government BTC, provided that such strategies are budget neutral and do not impose additional costs on American taxpayers. However, the United States government shall not acquire any additional Reserve Assets, other than those related to criminal or civil asset forfeiture proceedings or used to satisfy any civil penalties imposed by any Agency, without further executive or legislative action.
(d) "Government Digital Assets" refers to all Government BTC and all Reserve Assets. Heads of Agencies shall not sell or otherwise dispose of any Government Digital Assets, except pursuant to the Secretary of the Treasury's exercise of statutory authorities and responsible management of the United States Digital Asset Stockpile under subsection (b), or pursuant to an order of a court of competent jurisdiction, as required by law, or where the Attorney General or other relevant Agency head determines that the Government Digital Assets (or the proceeds of their sale or disposition) may and should be:
(i) Returned to identifiable and verifiable crime victims;
(ii) Used for law enforcement operations;
(iii) Equitably shared with state and local law enforcement partners; or
(iv) Released to satisfy the requirements of section 9705 of title 31, section 524(c) of title 28, section 981 of title 18, or section 881 of title 21, United States Code.
(e) Within 60 days of the date of this order, the Secretary of the Treasury shall submit an assessment report on the legal and investment considerations for establishing and managing the Strategic Bitcoin Reserve and United States Digital Asset Stockpile, including the accounts in which the Strategic Bitcoin Reserve and United States Digital Asset Stockpile should be held, and whether any legislation is needed to implement any aspect of this order or for the proper management and operation of these accounts.
Section 4. Accounting
Within 30 days of the date of this order, heads of Agencies shall provide the Secretary of the Treasury and the President's Digital Asset Markets Working Group a full accounting of all Government Digital Assets held by that Agency, including any information regarding the custodial accounts in which such Government Digital Assets are currently held, to facilitate the transfer of Government Digital Assets to the Strategic Bitcoin Reserve or United States Digital Asset Stockpile. If an Agency does not hold any Government Digital Assets, that Agency shall confirm that fact to the Secretary of the Treasury and the President's Digital Asset Markets Working Group within 30 days of the date of this order.
Section 5. General Provisions
(a) Nothing in this order shall be construed to impair or otherwise affect:
(i) The authority granted by law to an executive department or agency, or the head thereof; or
(ii) The functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
(b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
(c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.
THE WHITE HOUSE
March 6, 2025
