Key facts
- The Treasury Department is establishing a strategic Bitcoin reserve and digital asset stockpile.
- This initiative is based on a 2025 executive order by President Donald Trump.
- The reserve is being filled with cryptocurrency seized by the government.
- Acting Treasury Secretary Scott Bessent described the process as moving with 'all deliberate speed' and using best practices.
Acting Treasury Secretary Scott Bessent announced that the Treasury Department is actively working to establish a strategic Bitcoin reserve and digital asset stockpile. This initiative is in response to a 2025 executive order issued by President Donald Trump. Bessent informed Senate lawmakers that the department is proceeding with 'all deliberate speed' on this new ground, emphasizing the use of best practices to ensure durability for the future. He confirmed that the reserve is being filled with cryptocurrency seized by the government, although Treasury officials had no additional acquisition plans as of March. Bessent made these statements during a Senate Finance Committee hearing concerning Trump's fiscal year 2027 budget for the Treasury, in response to questions from Senator Tim Scott. Bessent is scheduled to testify before the House Ways and Means Committee on the department's priorities.