U.S. President Donald Trump revealed on Sunday the names of five digital assets to be included in a new U.S. Crypto Strategic Reserve, causing their market values to spike.
Trump’s announcement follows his January executive order on digital assets, which outlined plans to establish a reserve of cryptocurrencies, including Bitcoin. However, the specific assets had not been disclosed until now.
Market Reacts to the Announcement
Following the news, the selected cryptocurrencies saw price increases ranging from 8% to 62% in Sunday’s trading. Bitcoin (BTC) climbed 8% to $90,828, while Ether (ETH) rose 8.3% to $2,409.
Trump initially stated on social media that the reserve would include XRP, Solana (SOL), and Cardano (ADA) as part of a strategic initiative. Later, he added: “And, obviously, BTC and ETH, as other valuable cryptocurrencies, will be at the heart of the Reserve.”
Trump’s Pro-Crypto Stance
Since his 2024 election victory, Trump has actively supported the crypto industry, a shift from his Democratic predecessor Joe Biden, whose administration imposed strict regulations to combat fraud and money laundering.
Despite recent enthusiasm, cryptocurrency prices have declined in recent weeks, erasing much of the post-election rally. Analysts suggest the market needs stronger catalysts, such as Federal Reserve interest rate cuts or a clear pro-crypto regulatory framework from Trump’s administration.
Unclear Details on the Reserve
While the announcement excited investors, it remains unclear how the Crypto Strategic Reserve will function. Legal experts are divided on whether congressional approval is needed. Some believe the reserve could be established using the U.S. Treasury’s Exchange Stabilization Fund, which allows the government to buy and sell foreign currencies.
Trump’s crypto task force had also explored using cryptocurrencies seized in law enforcement actions to form the reserve.
Upcoming White House Crypto Summit
Further clarity may come during the first White House Crypto Summit, which Trump will host on Friday. Additionally, his family has launched its own digital tokens, further cementing his administration’s commitment to the industry.
