Establishing a Strategic Reserve of Bitcoin and a U.S. Digital Asset Inventory

—— Official Website of the U.S. Government

Pursuant to the powers vested in me as President by the Constitution and laws of the United States, I hereby order:

I. Background

Bitcoin is the original cryptocurrency. The Bitcoin protocol permanently limits the total supply of Bitcoin (BTC) to 21 million coins and has never been hacked.

Due to its scarcity and security, Bitcoin is often referred to as "digital gold." Because the supply of BTC is fixed, being one of the first countries to establish a strategic reserve of Bitcoin presents a strategic advantage.

The U.S. government currently holds a significant amount of BTC but has yet to implement a policy to maximize BTC's strategic position as a unique store of value in the global financial system.

Just as it is in our national interest to thoughtfully manage ownership and control of any other resource, our nation must harness rather than restrict the power of digital assets to promote our prosperity.

II. Policy

The policy of the United States is to establish a strategic reserve of Bitcoin.

Additionally, the policy of the United States is to create a U.S. digital asset inventory as a secure account for the orderly strategic management of other digital assets held by the United States.

III. Management

Creation and management of the Bitcoin strategic reserve and the U.S. digital asset inventory.

(a) The Secretary of the Treasury shall establish an office to manage and maintain a custodial account referred to as the "Strategic Bitcoin Reserve," and shall capitalize all Bitcoin held by the Treasury, which is ultimately forfeited as part of criminal or civil asset forfeiture proceedings, or as part of any civil penalties imposed by any department or agency, and shall not be required to meet the requirements of 31 U.S.C. 9705 or be released under subsection (d) of this section (government Bitcoin).

Within 30 days of the issuance of this order, agencies shall review their authority to transfer government-held BTC to the Strategic Bitcoin Reserve and submit a report to the Secretary of the Treasury reflecting the results of the review. Government BTC deposited into the Strategic Bitcoin Reserve shall not be sold and shall be treated as a reserve asset of the United States, used for government purposes in accordance with applicable law.

(b) The Secretary of the Treasury shall establish an office to manage and maintain control over a custodial account referred to as the "U.S. Digital Asset Inventory," and shall capitalize all digital assets owned by the Treasury, other than BTC, which are ultimately forfeited as part of criminal or civil asset forfeiture proceedings, and shall not be required to meet the requirements of 31 U.S.C. 9705 or be released under subsection (d) of this section (inventory assets). Within 30 days of the issuance of this order, agencies shall review their authority to transfer any inventory assets they hold to the U.S. Digital Asset Inventory and submit a report to the Secretary of the Treasury reflecting the results of the review. The Secretary of the Treasury shall determine the strategy for responsibly managing the U.S. Digital Asset Inventory in accordance with applicable law.

(c) The Secretary of the Treasury and the Secretary of Commerce shall develop strategies for acquiring additional government BTC, provided that such strategies do not impact the budget and do not impose incremental costs on U.S. taxpayers. However, without further administrative or legislative action, the U.S. government shall not acquire additional inventory assets in the settlement of criminal or civil asset forfeiture proceedings or in the settlement of any civil penalties imposed by any agency.

(d) "Government digital assets" refer to all government BTC and all inventory assets. Heads of agencies shall not sell or otherwise dispose of any government digital assets, except in connection with the exercise of their lawful authority and the responsible management of the U.S. Digital Asset Inventory in accordance with subsection (b) of this section, or pursuant to an order of a court of competent jurisdiction, as required by law, or in cases where the Attorney General or other relevant agency head determines that government digital assets (or the proceeds from their sale or disposition) can and should be:

(i) Returned to identifiable and verifiable crime victims;

(ii) Used for law enforcement actions;

(iii) Fairly shared with state and local law enforcement partners; or

(iv) Released to satisfy the requirements of 31 U.S.C. 9705, 28 U.S.C. 524(c), 18 U.S.C. 981, or 21 U.S.C. 881.

(e) Within 60 days of the issuance of this order, the Secretary of the Treasury shall submit a report assessing the legal and investment considerations for establishing and managing the Bitcoin strategic reserve and the U.S. digital asset inventory, including which accounts the Bitcoin strategic reserve and the U.S. digital asset inventory should be located in, and whether any legislation is needed to implement any aspect of this order or to appropriately manage and administer these accounts.

IV. Accounting

Within 30 days of the issuance of this order, heads of agencies shall provide a complete accounting of all government digital assets owned by the agency to the Secretary of the Treasury and the President's Digital Asset Market Working Group, including any information regarding the custodial accounts currently holding these government digital assets that is necessary to facilitate the transfer of government digital assets to the Strategic Bitcoin Reserve or the U.S. Digital Asset Inventory.

If the agency does not hold government digital assets, the agency shall confirm this fact to the Secretary of the Treasury and the President's Digital Asset Market Working Group within 30 days of the issuance of this order.

V. General Provisions

(a) Nothing in this order shall be construed to impair or otherwise affect:

(i) The authority granted by law to any department or agency or the head thereof; or

(ii) The functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

(b) The implementation of this order shall be consistent with applicable law and subject to the availability of appropriations.

(c) This order is not intended to, and shall not, create any substantive or procedural right or benefit enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

The White House

March 6, 2025

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