Recent data reveals that the United States holds approximately $20.9 billion in cryptocurrency reserves, with Bitcoin (BTC) comprising a staggering 97% of these holdings. Ethereum (ETH) and major stablecoins account for the remaining 3%.
Notably absent from the national crypto treasury are prominent altcoins such as Ripple (XRP), Solana (SOL), and Cardano (ADA). This is despite former President Donald Trump’s earlier public mentions of these assets in relation to a national digital currency strategy.
Blockchain analytics firm Chainalysis provided these insights, offering the public a clearer picture of the government’s actual holdings following the executive order signed in March to formalize a national cryptocurrency reserve strategy.
Composition of the US Strategic Crypto Reserves
Although the former administration did not release official data, reports indicate that Bitcoin constitutes the vast majority of the cryptocurrency seized and stored by the US government, with its total value nearing $20.4 billion.
This overwhelming focus on Bitcoin contrasts sharply with the market expectations sparked by Trump’s earlier social media posts. In early March, a post on Truth Social mentioning XRP, SOL, and ADA led to a surge in their prices. However, these assets are missing from the actual reserve composition.
The executive order established two new digital financial entities: the Strategic Bitcoin Reserve and the US Digital Asset Reserve. The former was described as a digital Fort Knox, intended to treat Bitcoin as "digital gold." The latter is a mixed bag of any other cryptocurrencies seized by the government, meaning its composition is unplanned and depends entirely on enforcement activities.
Since the assets in these pools primarily come from cryptocurrencies confiscated in civil or criminal proceedings, the government’s holdings reflect the currencies most frequently involved in unlawful activities—not necessarily those with the strongest reputation, developer community, or market utility.
Thus, Bitcoin leads by an enormous margin, followed by a short list of other cryptocurrencies including Ethereum, Tether (USDT), Chainlink (LINK), Wrapped Bitcoin (WBTC), Binance Coin (BNB), DAI, Uniswap (UNI), Tron (TRX), and USD Coin (USDC).
Stablecoins and wrapped tokens hold a significant presence in the treasury, while XRP, ADA, and SOL do not even appear in the top 20.
Chainalysis also noted that the current reserve valuation may underestimate the full extent of the government’s holdings, as official auditing and accounting processes are still ongoing.
The $20.9 billion valuation already places the US government’s crypto assets slightly below the value of the US Strategic Petroleum Reserve, estimated at $25 billion. However, it is still far below the value of the country’s gold reserves, which would be worth over $850 billion at current market prices.
Industry Reactions to the Disclosure
Historically, cryptocurrencies seized by agencies such as the Internal Revenue Service (IRS) or the Federal Bureau of Investigation (FBI) were typically auctioned off or returned to victims. Under the new strategy, these assets are now being held as strategic reserves, similar to commodities like oil or gold.
The previous administration’s approach also slowed the pace of litigation and regulatory scrutiny, creating a more business-friendly environment for cryptocurrency companies.
However, not everyone is supportive of the reserve strategy. Ethereum co-founder Vitalik Buterin warned that government involvement in crypto could “run counter to the decentralized and open nature of cryptocurrency.” Similarly, Austin Campbell, a New York University professor and crypto advisor, suggested that a national Bitcoin reserve might contradict the core values of the crypto community.
“Bitcoin advocates once stood for freedom from sovereign intervention,” Campbell noted. “Now they are cheering for state reserves?”
He also pointed out that the government could make better use of these seized assets, such as addressing the national debt or improving social programs. “Reserves make sense when you have a surplus,” he said. “Right now, they seem to be more about making headlines.”
Despite criticism, several states including New Hampshire and Arizona have already passed legislation to establish their own cryptocurrency reserves. Others, such as Florida and Wyoming, have chosen not to do so, citing concerns over market volatility.
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Frequently Asked Questions
What makes up the majority of the US cryptocurrency reserves?
Bitcoin accounts for 97% of the nearly $21 billion in US government-held cryptocurrency reserves. The remainder consists mainly of Ethereum and several widely used stablecoins.
Why are coins like XRP, SOL, and ADA not included?
The government’s crypto assets are primarily obtained through seizures from legal cases and law enforcement operations. The absence of XRP, SOL, and ADA suggests these currencies are less frequently involved in activities leading to confiscation.
How does the US crypto reserve compare to other national assets?
The current value of the crypto holdings is slightly less than the US Strategic Petroleum Reserve but is vastly overshadowed by the value of the national gold reserves.
What is the purpose of maintaining a national crypto reserve?
The declared strategy is to treat certain cryptocurrencies, especially Bitcoin, as strategic national assets similar to gold or oil, holding them for long-term value rather than immediate liquidation.
Are states allowed to form their own crypto reserves?
Yes, some states like Arizona and New Hampshire have passed laws enabling them to establish independent cryptocurrency reserves, though others remain cautious due to market volatility.
How accurate are the reported figures?
Blockchain analysis provides a reliable estimate, but official government audits are still underway. The total value and composition may be updated in the future.