U.S. Bitcoin Reserve update coming in 'next few weeks," White House adviser says
Key takeaways
- Bitcoin Reserve update coming in 'next few weeks," White House adviser says White House digital-assets adviser Patrick Witt cited a recent exploit involving assets held by the U.S.
- The federal effort to inventory, centralize and secure U.S.-held bitcoin BTC$81,386.39 and other digital assets has been running in the background for months, Witt said.
- "We've heard stories and confirmed some of them of cold wallets that were being stored in drawers of desks in various agencies," he said.
Bitcoin Reserve update coming in 'next few weeks," White House adviser says White House digital-assets adviser Patrick Witt cited a recent exploit involving assets held by the U.S. Marshals as proof federal crypto holdings need safeguarding.By Jeffrey Albus|Edited by Jesse Hamilton Updated May 6, 2026, 9:48 p.m. Published May 6, 2026, 9:44 p.m. 2 min read Make preferred on A White House adviser says more information is coming soon on the U.S. bitcoin reserve. (Jesse Hamilton/CoinDesk)What to know: An announcement is coming "in the next few weeks" on what the White House calls the Strategic Bitcoin Reserve, according to Patrick Witt, executive director of the President's Council of Advisors for Digital Assets.On a stage at Consensus Miami 2026, Witt cited a recent exploit involving digital assets held by the U.S. Marshals.He declined to disclose the size of federal crypto holdings, saying the priority is to “get our own house in order” first. Witt said the reserve still needs to be codified through legislation, citing Sen. Cynthia Lummis’s BITCOIN Act in the U.S. Senate and a House effort from Rep. Nick Begich.An announcement about the long-anticipated U.S. Strategic Bitcoin Reserve (SBR) is coming "in the next few weeks," Patrick Witt, executive director of the President's Council of Advisors for Digital Assets, told CoinDesk's Consensus Miami conference on Wednesday.
The federal effort to inventory, centralize and secure U.S.-held bitcoin BTC$81,386.39 and other digital assets has been running in the background for months, Witt said. Following President Donald Trump's executive order calling for bitcoin and other crypto assets to be set aside in long-term holdings, the White House halted what Witt characterized as "fire sale" liquidations under the previous administration and started auditing what crypto each agency was holding.
"We've heard stories and confirmed some of them of cold wallets that were being stored in drawers of desks in various agencies," he said.