US President Donald Trump has announced the creation of a "US Strategic Crypto Reserve", naming Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL) and Cardano (ADA) as key assets to be included in it. This was the first official confirmation of the details of the future reserve, Coindesk reports.
Bitcoin and Ethereum, the two largest cryptocurrencies by market cap, were initially not mentioned in Trump's statement, causing a wave of surprise among crypto investors. However, about an hour later, he clarified that BTC and ETH would also be included in the reserve, calling them "valuable cryptocurrencies that will be in its heart."
"A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA," Trump said. "I will make sure the U.S. is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!"
Following Trump’s statement, XRP, SOL, and ADA showed rapid growth. Within two hours, ADA jumped 63%, SOL 23%, and XRP 32%, demonstrating a positive market reaction. Following Trump’s clarification, Bitcoin also jumped nearly 10%, trading above $90,000 again, while Ethereum rose more than 13% to over $2,500.
Trump discussed the concept of a national crypto reserve during his 2024 re-election campaign. Shortly after taking office in January, he signed an executive order directing a presidential task force to study the possibility of creating a digital reserve. However, the order did not provide for its immediate implementation.
On Sunday, Trump said the group should move to formally establish a reserve, a major shift in U.S. policy on cryptocurrencies. The working group will hold a summit on Friday, where government and crypto industry representatives will discuss the next steps.
Critics have already called the plan to create a "US Strategic Crypto Reserve" a conflict of interest, as David Sachs, the White House advisor on cryptocurrency and artificial intelligence, is an investor in Solana. He is also a limited partner at Multicoin Capital, a venture capital fund that is actively backing Solana’s development.
In 2021, Sachs announced that he personally owns SOL, raising questions about the Trump administration’s ties to the blockchain ecosystem. Additionally, the $TRUMP memecoin, which has become popular among crypto enthusiasts, is built on the Solana blockchain.