Bitcoin reserves are still a new concept and have not yet been fully tested by the cryptocurrency winter.
Written by: Cointelegraph
Compiled by: AididiaoJP, Foresight News
A year ago, US President Trump signed an executive order to establish a US strategic cryptocurrency reserve. Now, a year later, the reserve's value has shrunk by billions of dollars.
At the beginning of his term, Trump established a special task force to study how the government could better implement and regulate cryptocurrencies, including Bitcoin and cryptocurrency reserve programs.
In the year that followed, the Trump administration introduced a number of macroeconomic and policy adjustments. Among them, the favorable regulatory policies introduced by Washington were beneficial to cryptocurrencies, but punitive tariffs and escalating geopolitical tensions had a negative impact.
Currently, the number of tokens in the U.S. cryptocurrency reserve has remained largely unchanged since its inception.
Trump's crypto reserves remain largely unchanged.
On March 6, Trump established the "Strategic Bitcoin Reserve" and the "U.S. Digital Asset Reserve" through executive orders. The Bitcoin Reserve contains only Bitcoin, while the Digital Asset Reserve includes various Altcoin. Prior to the executive order, Trump stated that the reserves would include XRP, Solana, and Cardano.
Source: Donald Trump
These two reserves "will not acquire additional assets through any means other than forfeiture procedures."
This executive order effectively consolidates previously scattered assets held by multiple federal regulatory and law enforcement agencies. The order states that centralizing ownership, control, and management of these assets within the federal government will ensure proper oversight, accurate tracking, and a unified approach to managing government cryptocurrency holdings.
The government has not released specific details about its Bitcoin and digital asset reserves, but blockchain analytics firm Arkham Research has identified several blockchain wallets linked to the U.S. government.
As of press time, the total value of cryptocurrencies held by the U.S. government is approximately $22.39 billion, of which Bitcoin alone accounts for about $22 billion. Other major holdings include the stablecoin USDC, Ethereum, Wrapped Bitcoin (WBTC), and BNB.
(Data collected on March 4)
It remains unclear how much of these assets constitutes official reserves, or whether and how they were transferred. However, the dollar value of these reserves has declined significantly. Arkham data shows that when Trump signed the executive order, the total value of U.S.-held crypto assets exceeded $30 billion. As of press time, that figure has fallen to $22 billion, a drop of 26%.
Since March 2025, the value of US crypto asset portfolios has declined significantly. Source: Arkham
The White House appears unmoved. Deputy Press Secretary Kush Desai, addressing the recent price drop, stated, "In a free market, the government doesn't set prices, and market volatility won't change the Trump administration's determination to ensure America's dominance in cryptocurrencies and other cutting-edge technologies."
My Bitcoin holdings remain unchanged; I have no plans to buy more at the moment.
Despite strong supporters of Bitcoin's desire for the U.S. government to begin purchasing Bitcoin, the amount of Bitcoin held by the government has remained unchanged. Since the executive order was signed, the U.S. government has held approximately 328,272 Bitcoins.
Since the reserve was established, the amount of Bitcoin held in the United States has remained unchanged. Source: Arkham
Ethereum is the second-largest cryptocurrency held by the U.S. government. Its holdings decreased after the executive order was signed, possibly due to exchanges or transfers. However, Ethereum holdings have remained relatively stable since April 2025.
Changes in Ethereum holdings. Source: Arkham
Tether's USDT is the largest stablecoin held by the US government. In May 2025, the holdings increased significantly by more than 200 million, before falling back to levels seen before March 2026.
Changes in USDT holdings. Source: Arkham
These trading patterns are not entirely clear. As mentioned above, the government has not publicly disclosed specific transaction volumes.
The new cryptocurrency reserve strategy does not completely rule out the possibility of government purchases of Bitcoin, but requires that any purchases must be made in a way that "does not affect the budget." David Sachs, the Commissioner for Artificial Intelligence and Cryptocurrency Affairs, stated last year, "No increase in deficit, no increase in debt, no taxation of the American people."
"It won't cost taxpayers a single penny. But if finance ministers can find a way to accumulate more Bitcoin without increasing the burden on taxpayers, they can do so."
A year has passed, and it remains unclear whether the government has developed such a strategy or how it will be implemented.
Jason Janowitz, co-founder of crypto firm Blockworks, told the BBC last year that crypto reserves containing a variety of different assets could have a negative impact on the market. "Without a clear framework, arbitrarily selecting assets can distort the market and lead to a loss of public trust," he said. "Ensuring transparency through independent audits and public reporting is crucial to fostering innovation and avoiding bias."
Following the success of Strategy, a software company that transformed itself into a Bitcoin investment vehicle, the idea of establishing Bitcoin reserves began to gain attention last year at both the state and corporate levels. The notion of Bitcoin as "digital gold" has made holding this asset attractive to government budgets.
According to data from the tracking website BitcoinTreasuries.net, 10 countries, including the United States, China, Ukraine, El Salvador, the United Kingdom, and North Korea, currently hold Bitcoin.
At the corporate level, analysts expect consolidation in the industry as the bear market continues. Wojciech Kassicki, chief strategy officer at crypto infrastructure and treasury company BTCS, previously told Cointelegraph that companies with Bitcoin treasury values below net asset value are likely to be acquired by operating companies.
Bitcoin reserves are still a new concept and have not yet been fully tested by the cryptocurrency winter.
