Trump Ordered a Bitcoin Reserve 16 Months Ago. It Still Doesn't Exist.

Treasury and Commerce compete to run the reserve

The Trump administration has not settled on how to build a U.S. strategic bitcoin reserve, and two federal departments now want the job. The Treasury Department and the Commerce Department are both competing to house the reserve, according to a Bloomberg report published on 6 July 2026. Trump's original plan placed the reserve inside the Treasury, funded by bitcoin seized in criminal cases and, possibly, new purchases. Officials are now weighing whether the Commerce Department should hold it instead. The delay has kept the reserve a policy goal rather than a working fund.

Legal authority questions slow the plan

Concerns over whether the Treasury can legally manage such a holding have pushed officials to explore other options. The Justice Department, the government's legal arm, said its Office of Legal Counsel (OLC) is reviewing what the law allows. Another open question is whether the government can hold bitcoin indefinitely, as the original order envisioned, given how sharply its price can swing.

"[The Office of Legal Counsel] is working closely with both the Treasury and Commerce departments to determine legally available options to accomplish the president's policy of establishing a strategic bitcoin reserve", 6 July 2026. — U.S. Justice Department statement

Trump signed the reserve order in March 2025

Trump signed an executive order in March 2025 directing his administration to create the Strategic Bitcoin Reserve and a broader digital asset stockpile. Sixteen months later, no final structure exists. Its legal foundation rests on the order alone, which a future president could reverse. The White House says the work continues.

"To deliver on the president's vision, the Trump administration continues to evaluate the best structure for a Strategic Bitcoin Reserve", 6 July 2026. — Liz Huston, White House Spokeswoman

The government holds over 300,000 bitcoin

The U.S. ranks among the world's largest bitcoin holders. Federal agencies control more than 300,000 bitcoin worth about $21 billion, built up through criminal forfeitures rather than purchases. Where the reserve finally sits could still matter for supply, given Washington's size in the market. The holdings give Washington unusual influence over a market it also seeks to regulate.

Congress has not passed reserve legislation

An executive order cannot bind future presidents, so only a law can make the reserve permanent. No bill has advanced, though lawmakers have tried. In May 2026, Representatives Nick Begich and Jared Golden introduced the American Reserve Modernization Act, a bipartisan measure to establish the reserve. White House advisers have called such legislation necessary.

Bitcoin trades near $62,800 at publication

Bitcoin traded at about $62,800 at the time of publication, up 5.6% over the past seven days (CoinPaprika, 7 July 2026). The token has dropped roughly one-third from around $93,000 when Trump signed the order in March 2025. That kind of swing is the price risk officials have cited.