U.S. President Donald Trump on Thursday signed an executive order to create a strategic bitcoin reserve, a day before hosting cryptocurrency industry executives at the White House.
According to White House crypto czar David Sacks, the reserve will be funded with bitcoin seized by the federal government through criminal or civil asset forfeiture proceedings. Sacks, a billionaire investor, made the announcement in a post on X, stating that the reserve would serve as a “digital Fort Knox” for bitcoin, often referred to as “digital gold.”
At Friday’s White House crypto summit, Trump is expected to formally outline plans for the reserve, which will include bitcoin and four other cryptocurrencies—ether, XRP, Solana, and Cardano. The president’s announcement earlier this week of these five digital assets led to a surge in their market value.
Details on how the reserve will function or its benefits to taxpayers remain unclear. Sacks stated that the government will implement a strategy to maximize the value of its holdings but did not provide specifics. He emphasized that the U.S. will not sell bitcoin deposited into the reserve, positioning it as a long-term store of value.
