Coinbase executive Conor Grogan said U.S. President Donald Trump's latest executive order to establish a Strategic Bitcoin Reserve may relieve massive sell-side pressure.
"By my estimation, the [U.S. government] owns 198.109k BTC. This executive order removes ~$18B of sell-side pressure," said Grogan, Coinbase's Director of Product Strategy and Business Operations, in a post to X on Thursday.
Arkham Intelligence data shows that the U.S. government currently holds about 198,109 BTC, 122 million USDT and 56,035 ETH, among other tokens.
On Thursday, Trump signed an executive order to create a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile, according to White House AI and Crypto Czar David Sacks.
"The Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings," Sacks wrote in an X post, adding that the U.S. will not sell any Bitcoin deposited into the reserve, and it will be kept as a store of value akin to a "digital Fort Knox" for the world's largest cryptocurrency.
Bitcoin fell 5% over the past 24 hours to trade at $85,798 at the time of writing, according to The Block's price page.
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