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(Bloomberg) — One of the first steps after the establishment of a US strategic Bitcoin Reserve and a separate stockpile of other digital assets will be an audit of how much cryptocurrency the government holds, according to White House crypto czar David Sacks.
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President Donald Trump signed an executive order late Thursday creating the Strategic Bitcoin Reserve and the separate stockpile of other digital assets, to be capitalized with crypto forfeited in legal proceedings. Both the reserve and the stockpile will contain crypto forfeited as part of legal proceedings, the action said.
The US had obtained around 400,000 Bitcoin over the past decade, largely a function of tokens seized in relation to criminal and civil litigation, Sacks told Bloomberg TV in an interview on Friday. The government believes it is still in possession of around half of that sum, Sacks said.
“We say we believe because no one knows for sure, we never had a proper audit,” he said.
The US currently owns roughly $17.5 billion in Bitcoin and about $400 million worth of several other tokens in its known digital wallets, according to data from blockchain analytics researcher Arkham. Bitcoin fell more 3% to around $86,800 at midday in New York.
The executive order authorizes the Treasury and Commerce departments to develop “budget-neutral strategies” for buying more Bitcoin for the reserve with no incremental costs to taxpayers. The government will not acquire additional crypto for the separate stockpile of other digital assets beyond those obtained through forfeiture proceedings.
“With the reserve, the goal is long-term preservation,” Sacks said. “With the stockpile, the goal is responsible stewardship.”
The executive order came on the eve of a White House gathering to celebrate Trump and to plot a course forward under the president who is perceived as much friendlier to the industry than the previous administration under Joe Biden.
Coinbase Global Inc. CEO Brian Armstrong, Bitcoin evangelist Michael Saylor of the company known until recently as MicroStrategy Inc., and Vlad Tenev of Robinhood Markets Inc. will be among those scheduled to meet with Trump, Sacks and Bo Hines.
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Trump made a number of crypto-specific promises to the industry ahead of his re-election last November, with the goal of making the US the “crypto capital of the planet.”
A previous executive order on digital assets, issued shortly after his inauguration in January, mandated the creation of a working group comprised of agency heads who would recommend policies for the sector. to develop policies on digital assets.
The industry has seen wins on Capitol Hill, where lawmakers have introduced crypto-friendly legislation, and across the financial regulatory agencies, to which Trump appointed crypto-friendly leaders. The Securities and Exchange Commission has paused or closed more than 10 crypto investigations and cases in recent weeks.
Read: SEC ‘Demolition’ of Crypto Enforcement Gets Cheers, Jeers
–With assistance from Muyao Shen.
(Updates throughout with comments from David Sacks made on Bloomberg TV)
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