Bitcoin Reserve Announcement Is Imminent
The White House is gearing up to make a formal announcement regarding the establishment of the U.S. Strategic Bitcoin Reserve, according to Patrick Witt, Executive Director of the President’s Council of Advisors for Digital Assets. Witt recently disclosed that the administration has successfully overcome a significant legal hurdle in setting up the reserve, indicating that the groundwork has been laid for a forthcoming announcement.
During a recent interview, Witt shared, “We’ll have an announcement. It’s a breakthrough as far as getting everything in place, legally sound, properly safeguarding the assets.” This statement echoes his previous remarks at the Bitcoin 2026 conference in Las Vegas, where he hinted at an impending update within weeks.
The Strategic Bitcoin Reserve was initiated by President Trump through an executive order signed on March 6, 2025. Witt credited his deputy, Harry John, for spearheading the interagency process, which involved identifying existing legal authorities, obtaining necessary legal memos, and establishing custody and reporting mechanisms within federal agencies that were originally tailored for traditional assets like gold.
Currently, the reserve reportedly holds approximately 328,372 BTC, acquired through various law enforcement seizures, including assets recovered from the Silk Road takedown, the 2022 Bitfinex hack, and numerous criminal forfeitures. The executive order explicitly prohibits the Treasury from selling any of the seized coins.
The urgency for the creation of the Strategic Bitcoin Reserve was underscored by a recent breach at the U.S. Marshals Service, where a government contractor illicitly siphoned over $46 million in cryptocurrency from USMS custody accounts. Witt highlighted this incident as a compelling reason for the establishment of robust security measures for the reserve.
Recognizing the impermanence of executive orders, lawmakers are now advocating for legislative measures to solidify the U.S.’s commitment to accumulating and safeguarding Bitcoin reserves. Rep. Nick Begich has rebranded the BITCOIN Act as the American Reserves Modernization Act (ARMA), which seeks to authorize the U.S. Treasury to purchase up to 200,000 BTC annually for a five-year period, with holdings locked for a minimum of 20 years. Senator Cynthia Lummis is pushing for a vote on the bill before the summer recess to ensure timely action as midterm campaigning gains momentum.
If the ARMA legislation is enacted, the Treasury’s first open-market Bitcoin purchase is anticipated to take place in the fourth quarter of 2026, positioning the U.S. as the world’s first sovereign nation to actively accumulate Bitcoin as a strategic reserve asset. This historic move reflects the government’s recognition of the growing significance of cryptocurrencies in the global financial landscape.
