sandmark.com
The Trump administration expects to unveil a major operational breakthrough on the US Strategic Bitcoin Reserve within weeks, advancing last year’s executive order as technical and legal details are finalized.
Speaking at the Bitcoin Conference 2026 at The Venetian Resort in Las Vegas, Patrick Witt, executive director of the President’s Council of Advisors for Digital Assets, said officials have spent recent months clarifying the "machinations" and legal interpretations needed to properly account for Bitcoin on the government balance sheet. Such accounting clarity would allow seized Bitcoin to be treated as a strategic asset rather than inventory slated for sale.
"We’ve gone to work and figured out exactly the machinations necessary and legal interpretations that we need to get that right and solidify the digital assets, but specifically Bitcoin, that we have on the government balance sheet," Witt said on 27 Apr. "In the next few weeks we’ll be making a big announcement breakthrough there."
Any executive-branch move would ultimately require Congressional legislation. Witt pointed to the BITCOIN Act, first introduced by Senator Cynthia Lummis in 2024 and reintroduced in 2025. The bill would formally establish the strategic Bitcoin reserve and authorize the Treasury to acquire up to 1mn $BTC over time.
Reserve gains momentum
The conference opened with more than 500 speakers scheduled across three days. Eric Trump, the president’s son and co-founder of Bitcoin miner and treasury company American Bitcoin (ABTC), is set to speak on 29 Apr.
The event revives the pro-Bitcoin message that boosted Trump’s support among digital-asset voters. At the 2024 Nashville conference, then-candidate Trump first proposed a national Bitcoin reserve and vowed to make the US the "crypto capital of the planet." The subsequent executive order was viewed as a symbolic win for Bitcoin advocates.
Two years later, the theme has returned to Las Vegas, though some morning sessions drew lighter crowds as attendees explored the expo floor and sponsor booths on the opening day.
Seized Bitcoin bolsters holdings
The US government is one of the world’s largest sovereign holders of digital assets, mainly through seizures in criminal cases. Blockchain intelligence platform Arkham estimates government-linked wallets hold about $25.8bn in crypto, the vast majority in Bitcoin.
As of 27 Apr, those wallets contained an estimated 328,361 $BTC worth roughly $25.4bn. These existing holdings could serve as the initial seed for a formal strategic reserve once accounting and legal frameworks are clarified. Bitcoin ($BTC) traded near $76,700 on 28 Apr after touching $79,500 the previous day and dipping to $76,400 intraday.
Investment manager VanEck noted in a 2024 research report that a full 1mn $BTC reserve could offset about $21tn – roughly 18% – of US national debt by 2049.
At the state level, New Hampshire and Texas have enacted Bitcoin reserve legislation, while dozens of other states have introduced similar measures. Many have stalled or been rejected.