- Galaxy Digital’s Alex Thorn believes the US is already gearing up to establish a Strategic Bitcoin Reserve before the year ends.
- Trump’s EO ruled out BTC purchases in building up the USA’s digital asset stockpile, but has been silent on the matter of Bitcoin mining.
Last March, President Donald Trump announced the adoption of a Bitcoin (BTC) reserve. However, it was not what many in the cryptocurrency community had expected.
Many people initially expected the USA to build its Bitcoin reserve through purchases and asset seizures from criminal elements. Later, the White House revealed that it would only involve HODLing or not selling whatever BTC it already possesses from seizures. So far, the US government still has 198,021 BTC in its crypto wallet, amounting to over $23.73 billion during the weekend based on Arkham data.
Despite Trump already signing an Executive Order (EO) officially establishing a Strategic Bitcoin Reserve and US Digital Asset Stockpile, his regime has yet to craft a strategic plan for its enforcement.
US Strategic Bitcoin Reserve Launch Before 2025 Ends
According to Alex Thorn, Managing Director and Head of Firmwide Research at Galaxy Digital, the market may be underplaying the possibility of a US Strategic Bitcoin Reserve officially launching this year. He predicted a “strong chance” of such an event happening before 2025 ends.
Interestingly, Thorn stated that Bitcoin hadn’t priced the event yet. Hence, there’s a massive potential for the world’s largest crypto asset by market cap to gain significant momentum when that moment arrives. With that, BTC will likely log another all-time high past the $124,457.12 peak it achieved in mid-August.
Is Bitcoin Mining in Consideration?
While Trump has ruled out buying Bitcoin to build up the USA’s BTC reserve, his administration has been silent on the prospect of mining the digital asset.
The recently signed Executive Order on the Strategic Bitcoin Reserve does not explicitly mention government-led mining operations. However, the order does require the Secretary of the Treasury and the Secretary of Commerce to “develop strategies for acquiring additional Government BTC provided that such strategies are budget neutral and do not impose incremental costs on United States taxpayers.” The idea of a taxpayer-neutral acquisition strategy could leave the door open for government-supported or even direct Bitcoin mining, especially given that the administration has expressed a positive stance on the industry.
To support the broader cryptocurrency industry, the Trump administration has already taken steps to promote domestic mining. In July 2025, the “Guiding and Establishing National Innovation for US Stablecoins Act” (GENIUS Act) was signed into law, which, while primarily focused on stablecoins, also included provisions to support the mining industry through tax breaks and easier permitting for mining facilities. This legislative action highlights a broader policy direction to make the US a global leader in the crypto space, focusing on encouraging the infrastructure necessary for a robust digital asset economy.
Furthermore, several states are also exploring their own Bitcoin reserve and mining initiatives. For example, Texas created the Texas Strategic Bitcoin Reserve, and New Hampshire passed a bill that allowed the state to invest in digital assets like Bitcoin. This growing interest at the state level could pave the way for a more comprehensive federal policy that includes mining as a means of building up the strategic reserve.
A Viable Alternative
While direct government mining has not been confirmed, the legal and policy frameworks being put in place suggest it remains a viable, if unannounced, option for the US government to increase its Bitcoin holdings in the future.
