Update (March 7, 12:55 AM local time): This article has been updated to include more information from David Sacks' post on platform X, as well as information regarding the U.S. government's cryptocurrency holdings.
The White House's head of artificial intelligence and cryptocurrency, David Sacks, stated that President Trump has signed an executive order to create a strategic Bitcoin reserve and a digital asset stockpile.
"Just a few minutes ago, President Trump signed an executive order to establish a strategic Bitcoin reserve," Sacks said in a post on platform X on March 7. He explained that the reserve will initially be funded by assets seized by the government.
"The reserve will be funded with Bitcoin that has been seized by the federal government in criminal or civil asset forfeiture proceedings," he added.
Additionally, the executive order also establishes a "U.S. Digital Asset Stockpile," which Sacks mentioned will contain other digital assets aside from the seized Bitcoin.
JUST NOW! President Trump signs an Executive Order establishing the Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile 🇺🇸 pic.twitter.com/N9p2sQknVS
Previously, Bloomberg reported that Trump was expected to sign an executive order to establish a Bitcoin reserve at the White House cryptocurrency summit on March 7, with one proposal being to use government-seized cryptocurrencies as initial funding for the reserve.
Sacks described the Bitcoin reserve as "the digital Fort Knox of the cryptocurrency space," and emphasized that the U.S. will not sell any Bitcoin deposited in the reserve.
"It will be kept as a means of value storage," he added.
Regarding the digital asset stockpile, Sacks stated that its purpose is "to properly manage the government's digital assets by the U.S. Treasury."
Notably, he also added that the government will not acquire additional assets for the stockpile beyond those obtained through forfeiture proceedings.
Earlier, a post by Trump on his Truth Social platform stated that the cryptocurrency reserve would include Ripple (XRP), Solana (SOL), and Cardano (ADA).
He later added that Ethereum (ETH) and Bitcoin (BTC) would be the "core" of the reserve.
According to data from Arkham Intelligence, the U.S. government holds approximately $18.28 billion worth of seized cryptocurrencies, with $17.87 billion worth of 198,109 Bitcoins making up the majority of its holdings.
However, Sacks claimed that there has never been a comprehensive audit of the cryptocurrencies held by the government, and Trump's latest executive order "calls for a comprehensive accounting of the digital assets held by the federal government."
Arkham's data shows that the third-largest cryptocurrency held by the U.S. government is Ethereum, valued at over $119 million, following Tether (USDT), which is valued at $122 million.
According to Arkham, the U.S. government does not hold any Ripple, Solana, or Cardano.
Related: Bitcoin is set to "take off" on March 25, as the dollar hits a four-month low.
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