Alex Thorn, the head of firmwide research at Galaxy Digital, has voiced optimism regarding the potential establishment of a Strategic Bitcoin Reserve (SBR) in the United States, suggesting an announcement could come even before the end of 2025. In a recent statement on X, Thorn asserted that the market may be underestimating the likelihood of such a development, given the increasing momentum behind the initiative.
In March, President Trump took a pivotal step by signing an executive order that greenlit the creation of the SBR and a US Digital Asset Stockpile. Although specifics regarding the strategy are still pending, recent legislative efforts indicate that progress is being made. Lawmakers have introduced a bill mandating the US Treasury to assess the technical and strategic feasibility of the reserve, signaling that this initiative remains an administration priority despite limited public elaboration.
Despite Thorn’s positive outlook, not all experts are convinced that a 2025 launch is feasible. Dave Weisburger, a former chairman at CoinRoutes, speculated that a rollout may be more likely in 2026. He suggested that the government might prefer to quietly amass Bitcoin before making any official announcements. Others, like Samson Mow, CEO of Jan3, have cautioned that delays in establishing a strategic reserve could leave the U.S. vulnerable as other nations, such as Kyrgyzstan and Indonesia, push forward with their own crypto reserve initiatives.
The interest in sovereign Bitcoin reserves is growing globally. Just this week, Kyrgyzstan has made strides toward legislating its own crypto reserve, while a Bitcoin advocacy group in Indonesia held discussions with officials to advance a similar proposal. This global trend has intensified speculation that the U.S. may soon join the ranks of countries actively pursuing national Bitcoin strategies.
In the corporate sphere, the accumulation of Bitcoin is also on the rise. Companies are increasingly adding Bitcoin to their balance sheets, with Michael Saylor’s Strategy currently holding 636,505 BTC, the largest corporate Bitcoin holding by a significant margin. Following in second is Bitcoin mining firm MARA Holdings, which holds 52,477 BTC after adding 705 BTC in August. New contenders are emerging, including XXI—founded by Strike CEO Jack Mallers—with 43,514 BTC, and the Bitcoin Standard Treasury Company, which has accumulated 30,021 BTC.
Other significant holders include crypto exchange Bullish with 24,000 BTC and Metaplanet with 20,000 BTC, along with established public companies like Riot Platforms and Coinbase. As demand for Bitcoin continues to escalate, concerns regarding a potential supply shock are growing, particularly since only 5.2% of Bitcoin’s capped supply of 21 million remains to be mined. Additionally, some firms are setting ambitious targets, with entities like Japan’s Metaplanet and U.S.-based Semler Scientific aiming for 210,000 BTC and 105,000 BTC by 2027, respectively.
Currently, over 120 public companies outside the U.S. are investing in Bitcoin, representing an expanding trend in regions including Canada, the UK, Hong Kong, Mexico, South Africa, and Bahrain. The dynamic landscape of Bitcoin investment and the potential for a U.S. Strategic Bitcoin Reserve highlight the growing significance of cryptocurrencies on both national and corporate levels.
