During a recent appearance at the Consensus Miami conference, Patrick Witt, the executive director of the President’s Council of Advisors for Digital Assets, revealed that an announcement regarding the much-anticipated U.S. Strategic Bitcoin Reserve (SBR) is expected in the coming weeks. Witt emphasized that federal efforts to inventory, centralize, and secure U.S.-held Bitcoin and other digital assets have been quietly underway for months now.
The initiative comes in response to a directive from former President Donald Trump, who ordered that Bitcoin and other cryptocurrency holdings be preserved as long-term assets. Witt noted that the White House had halted what he described as “fire sale” liquidations that had been occurring under the prior administration, and instead focused on auditing the crypto holdings across various government agencies.
Witt disclosed some concerning findings during this audit, such as reports of cold wallets being stored in unsecure locations, including desk drawers within agencies. This lax security was highlighted by a recent incident involving the U.S. Marshals Service, which faced scrutiny after a possible breach was reported. Bloomberg had previously covered the investigation, where a hack executed in late 2025 allegedly resulted in the loss of over $60 million in digital assets, including those acquired through government seizures. Witt remarked that this incident underscored the urgent need for the SBR, emphasizing the importance of effectively safeguarding digital assets.
Witt refrained from disclosing the total amount of Bitcoin or cryptocurrency currently held by the federal government, stating, “Number one is we want to get our own house in order,” before providing further details. He did mention that the forthcoming announcement would shed light on the size and structure of the SBR, while maintaining that he did not wish to “front run” discussions involving other key stakeholders.
Additionally, Witt clarified that the reserve would not automatically include all newly seized assets. He explained that cryptocurrencies seized during ongoing legal proceedings would remain in limbo until forfeiture is finalized, with some assets potentially returned to victims before being categorized in the reserve or separate stockpiles intended for different types of crypto assets.
On the legal side, Witt noted that much of the preparatory work had revolved around fundamental questions of authority regarding how long agencies may hold these assets and the potential for congressional clawback. He indicated that these issues had not been thoroughly examined until the executive order was signed by the president.
Moreover, Witt pointed out that codification of the reserve would require legislative action, referencing efforts such as Sen. Cynthia Lummis’s BITCOIN Act in the Senate and Rep. Nick Begich’s American Reserves Modernization Act in the House. He emphasized the necessity of following through with appropriate legislation, acknowledging that the legislative process could be a hurdle in the timely establishment of the reserve, as it remains uncertain when Congress might prioritize and advance this pressing initiative.
