Trump’s National Bitcoin Reserve Is Still Working. Some States Have Already Taken Action Of Their Own
During his run for the US presidency in 2024, then-candidate Donald Trump promised to establish a bitcoin depository if he was elected to his second term in office after losing his bid for re-election in 2020. He made this announcement at the Bitcoin 2024 conference in Nashville, Tennessee, where he also promised to make the United States the crypto capital of the world.
The strategic bitcoin depository works effectively the same as the gold held by the United States in Ft. Knox. Bitcoin is thought to be a “digital gold” that can hold its value for a long time and may serve as a safe haven in times of global economic crisis. Of course, some say this is all a ploy to get votes from Bitcoin lovers.
Once elected, Trump actually signed an executive order on a number of crypto-focused policies, including directing a policy group to oversee the creation of a number of digital assets that may include cryptocurrencies other than bitcoin. Then in March, Trump signed an executive order regarding the establishment of a bitcoin reserve, in addition to a separate collection of digital assets. The first depository will be established with bitcoin that was taken as part of the legal process, and the government will have the ability to add to the depository through budget neutrality measures.
UPDATE: We have received confirmation from the DOJ that the digital assets seized by the Samurai Wallet have not been liquidated and will not be removed, per EO 14233. They will remain on the USG balance sheet as part of the SBR. https://t.co/v2GchC3vk8
— Patrick Witt (@patrickjwitt) January 16, 2026
Bitcoin associated with lawsuits against the developers behind the privacy-focused bitcoin wallet Samurai Wallet, unlike the CEO of the crypto exchange connected to Trump Changpeng Zhao who did not receive a pardon, will be added to the reserve, according to the President’s Council of Advisors Digital Assets Director Patrick Witt.
While one might think that any bitcoin supporter would be in favor of this reservation, there are many who oppose it, especially if it is found in the work of open source developers. For many Bitcoin purists, things like the de minimis tax exemption on bitcoin payments and developer protection, which can be added through the CLARITY Act, are very important.
For now, the truth is that the stockpile has yet to be fully used almost one year after Trump’s order, and not much information about its status has been made available in 2025. That said, the completion of the implementation of the bitcoin reserve is still a priority for the Trump administration, according to statements made by Witt in a recent interview with Crypto America. Witt said, “We continue to emphasize that. It’s definitely on the priority list.”
Witt added that legal discussions on which agencies have the authority to use the repository have taken place, and there will be “more to come” in the bitcoin repository. While the supporters of bitcoin threw a large amount of support behind Trump in 2024, the focus from the Trump administration so far has been on the central aspects of crypto, namely the regulation of stablecoin by the GENIUS Act. In addition, there have been many gains going on with Trump-affiliated businesses and alleged pay-to-play schemes.
🚨NEW: We asked the Executive Director of the Crypto Council @patrickjwitt about how the White House thinks about the Strategic Bitcoin Reserve these days.
“It’s definitely on the priority list right now.” pic.twitter.com/qWffEnAqQx
– Crypto In America (@CryptoAmerica_) January 16, 2026
Although bitcoin reserves have yet to be fully implemented and completed at the federal level, some states are taking steps to have their own reserves incorporated as soon as possible. According to Bitcoin Laws, three states—Arizona, New Hampshire, and Texas—have already enacted state-level bitcoin bans, and Texas is the only state that has actively purchased bitcoin in their storage. Many other states have bills in various stages of progress, including bills introduced in Florida and West Virginia this past week.
These types of repositories are part of the continued adoption and acceptance of bitcoin as a store of value and a commodity deposited by various types of trusted institutions around the world. This can also be seen at the national level with the reserves established in El Salvador and Bhutan. Additionally, Morgan Stanley is creating its own bitcoin exchange-traded fund (ETF) after seeing the success of Blackrock’s iShares Bitcoin Trust. Even government pension funds and university endowments, notably Harvard, have made investments in crypto assets.
