Trump wants the US to become a Bitcoin whale, but Congress controls the wallet

President Donald Trump said on Aug. 20 that the US is considering accumulating sizable amounts of Bitcoin and other cryptocurrencies. Current law gives his administration several ways to increase federal crypto holdings, though no public authority gives Treasury a funded program for multibillion-dollar open-market purchases.

For Bitcoin, Trump's 2025 executive order already directs Treasury and Commerce to develop budget-neutral acquisition strategies. For non-Bitcoin assets, the same order limits additional acquisitions to forfeiture and civil-money-penalty channels unless further executive or legislative action occurs.

A second executive order could remove that restriction for assets such as Ethereum, XRP, and Solana. Congress would still control federal appropriations and any investment powers that existing statutes reserve to lawmakers.

The 2025 order also requires implementation to comply with applicable law and the availability of appropriations, language that sets the boundary around Trump's options. A budget-neutral strategy still needs a lawful source of assets or funds, plus authority for Treasury to use them.

The White House's July 2025 digital assets report said work on operationalizing the Strategic Bitcoin Reserve and Digital Asset Stockpile would continue. The public report identified no approved Treasury program for open-market Bitcoin purchases.