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The U.S. Strategic Bitcoin Reserve announcement will be released within a few weeks

The Trump administration is preparing to release more details about the U.S. Strategic Bitcoin Reserve in the coming weeks. Patrick Witte, Executive Director of the Presidential Digital Asset Advisory Committee, said this on Wednesday at the Miami Consensus Conference.

“We’ve made great progress behind the scenes. We will issue an announcement in the coming weeks, detailing our next steps,” Witte said.

What exactly has happened behind the scenes?

Since President Trump signed the executive order establishing the reserve, federal agencies have been auditing, centralizing, and protecting the digital assets they hold. Witte described this process as getting the government’s internal house in order before releasing any information to the public.

Witte said investigators found documents for storing cold wallets in the desk drawers of multiple federal agencies. This administration has halted the previous administration’s practice—common in the prior administration—of “fire-sale” liquidation of seized crypto assets, and has begun a comprehensive inventory of all agencies’ crypto assets.

Witte declined to disclose the total amount of cryptocurrency held by the federal government, saying that before any public disclosure, the top priority is to ensure proper custody.

The hacking incident that led to this

Witte noted that a recent security incident demonstrates the necessity of establishing a reserve. Digital assets held by the U.S. Marshals were hacked, and reportedly more than $46 million in government seized funds was stolen. The incident led to the arrest of John Dajita earlier this year on Saint Martin.

“This is precisely why it is so necessary for the president to establish a reserve and instruct agencies to take these assets seriously,” Witte said. “The custody of digital assets is very special.”

What happens next?

The upcoming announcement is expected to explain the structure and scale of the reserve. Witte also confirmed that the reserve needs to be formally established through legislation, and pointed out that the Bitcoin Act proposed by Senator Cynthia Lummis and the U.S. Reserve Modernization Act proposed by Congressman Nick Bégic are most likely to provide the legal basis for this.

Not all seized assets will automatically transfer into the reserve. During legal proceedings, the seized cryptocurrencies remain in a pending status until the final confiscation process is completed. Some assets may be returned to victims through compensation before being transferred into the reserve.