Neon sign advertising bitcoin and ethereum (Jaap Arriens/Getty Images)

America’s crypto stockpile will hold more than bitcoin — it’ll be a multi-crypto national strategic reserve

The announcement by President Trump was full of surprises but carried very few details.

3/3/25 10:12AM

The much-touted crypto reserve is starting to take more shape, with President Trump announcing on Truth Social that it will include five assets late Sunday afternoon — a surprise to many insiders. In addition to bitcoin and ethereum, Trump said the reserve will include XRP, solana, and cardano. All the assets skyrocketed on the news, reversing last week’s tumble, with cardano jumping the most, up 50% in the past 24 hours, according to CoinGecko.

“For bitcoin purists, this will come as a mixed bag — the long-awaited reserve now being made real, but twinged with disappointment that many other assets are included as well,” Alexander Blume, CEO of Two Prime, said.

Also of note is that Trump’s eponymous meme coin, trump, is on the solana blockchain. Solana, which has been struggling, was down 28% in the past month, but ended February on a positive note as CME Group announced it will be offering futures on the asset. Following the announcement, it has shot up 16%, CoinGecko data shows.

Including assets beyond bitcoin in the reserve has upset some.

“XRP and cardano don’t belong in the US crypto reserve. They’re both ghost chains with little to show in terms of on-chain activity, unlike ethereum or solana,” Harrison Seletsky, director of business development at digital identity platform SPACE ID, told Sherwood News. “It would be like if the G7 countries decided to add another country to the list and chose Zimbabwe. Yes, it’s a country, but it’s not even close in caliber.”

Coinbase CEO Brian Armstrong posted that “just Bitcoin would probably be the best option.”

Excited to learn more. Still forming an opinion on asset allocation, but my current thinking is:

1. Just Bitcoin would probably be the best option - simplest, and clear story as successor to gold
2. If folks wanted more variety, you could do a market cap weighted index of crypto… https://t.co/jv8Gcn8N2S
— Brian Armstrong (@brian_armstrong) March 3, 2025

The devil is in the details

Unlike Sen. Cynthia Lummis’ extremely detailed proposal introduced in July, Trump’s bare-bones reserve announcement leaves many questions in the air. Lummis, recently named chair of the Senate panel on digital assets, has yet to chime in on the announcement.

Under Lummis’ BITCOIN Act (aka the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act), the government would acquire 1 million bitcoin by purchasing up to 200,000 coins annually over five years.

It’s unclear how Trump’s new plan would be executed or what the allocation distribution would look like in the reserve. There is also a legal question around whether the government can retain the crypto assets it’s seized for the reserve. The US government holds 198,000 bitcoin worth about $18.5 billion, according to Arkham Intel data.

Andrew O’Neill, digital assets managing director at S&P Global Ratings, said that in addition to the proposal lacking details on size and timing, it doesn’t specify whether it will be managed by the Federal Reserve or a new entity.

“The January 23 executive order only initiates the exploration of a digital asset reserve, with recommendations to follow,” O’Neill said.

Additional details or more clarity might emerge at the first White House Crypto Summit on March 7, as Trump’s “Crypto Czar” David Sacks teased on X, saying, “More to come.”

Sacks added that “attendees will include prominent founders, CEOs, and investors from the crypto industry.”

Alan Orwick, cofounder of Quai Network, noted the news dropped at the exact moment when many investors were questioning if the bull market was over.

“It looks like policymakers are doing everything they can to turn around the past month of negative price action,” Orwick said. “Next question is whether this strategic reserve rally sustains itself with actual adoption or is quickly killed by an overall bleak macro environment.”

Sage D. Young6/16/26

Hyperliquid reclaims all-time high

HYPE, the native token powering perpetuals exchange Hyperliquid and its underlying blockchain, rebounded to reclaim its all-time high previously set at the start of the month.

Treasury firms Hyperliquid Strategies and Hyperion DeFi have also rallied as the token increased double digits in the last 24 hours to trade as high as $76.70, rising past its record price set nearly two weeks ago, according to CoinGecko. In the interim between all-time highs, HYPE pulled back to around $53.

The token has several tailwinds, the first coming from ETF flows. Since their inception in May, HYPE ETFs have yet to record negative weekly outflows, posting a cumulative total net inflow of $171.8 million, per SoSoValue.

The second comes from Hyperliquid spending basically everything it earns in fees to buy HYPE, a mechanism embedded into the protocol’s codebase.

The venue’s buyback funding mechanism is set to add a new source of yield. Validators of the network activated “AQAv2,” which means stablecoin deployers will share about 90% of reserve yield revenue on their supply within the protocol.

Around $6.1 billion of Circle’s USDC resides in Hyperliquid, per DefiLlama. Accrual begins on August 26 and the first payment is made on October 3, the network announced in its Discord channel last week.

A substantial amount of capital is riding on different positions of HYPE. In total, a move down to under $53 would result in the liquidation nearly 1.8 million HYPE worth of leveraged long positions on the on-chain perps venue, or $131.7 million, data from CoinGlass shows. For the upside, a climb above $100 results in the liquidation of more than 3 million worth of leveraged HYPE short positions, or $221.5 million.

HYPE’s rebound to all-time high comes after Michael Selig, chair of the Commodity Futures Trading Commission, defended his agency’s decision to approve regulated perpetuals, or futures contracts without expiration dates, CNBC reported on Monday.

Last month, the CFTC approved bitcoin perpetual futures trading in the US through regulated prediction markets firm Kalshi and an affiliate of centralized exchange Coinbase.

“Perps are highly likely to become lightly regulated and thus approved in the US,” said David Pakman, head of venture investments at CoinFund.

“We expect to see perps for many different types of assets, from commodities to equities,” Pakman told Sherwood News.

Yaël Bizouati-Kennedy

6/16/26

Bitcoin is “caught between flow deterioration and macro relief”

Sage D. Young6/15/26

Crypto market snaps back as sentiment lifts, with altcoins from ethereum to XRP soaring

The market capitalization of the crypto industry has jumped around $83.2 billion in the last 24 hours, with privacy-focused token Zcash and worldcoin, the native cryptocurrency of the network backed by OpenAI CEO Sam Altman, leading market gains, jumping over 22%.

But the last 24 hours have been good across the board:

Ethereum has increased more than 9% to trade above $1,800, amid BitMine Immersion Technologies acquiring $139.2 million worth of ethereum.
XRP and solana have rebounded from multiyear lows, each rising roughly 10%.
HYPE has bounced up 12%.
Dog-based memecoins dogecoin and shiba inu have chased gains of more than 4%.

“Investors have been eager to see some positive signs around the Iranian conflict ending, coupled with hopeful outlooks around the CLARITY act, both breathing some life into assets,” Kairos Research cofounder Ian Unsworth told Sherwood News.

Simon Shockey, a crypto strategist at crypto wallet infrastructure firm Privy, said the upswing stems from several things converging. He pointed to how alt markets broadly were “very oversold” following the bug found in Zcash that shook confidence.

Friday, Zcash founder Zooko Wilcox said Anthropic didn’t find any more serious bugs with the Zcash protocol after Shielded Labs requested the AI firm run a security audit of the network with Mythos.

Shockey added that the pool of willing sellers has dwindled. “Even if structurally, AI is a much more compelling and asymmetric bet in the eyes of allocators, many of these crypto assets have simply run out of marginal sellers despite some shorter-term narrative-driven pumps. The only people left to sell at this point are the teams themselves and VCs.”

“Net-net: oversold conditions plus exhausted seller bases plus a macro backdrop that’s stabilized equals a snapback, especially in names that have real usage or community conviction behind them,” Shockey told Sherwood.

Yaël Bizouati-Kennedy

6/15/26

Bitcoin hits highest level in 2 weeks following news of Iran deal

Bitcoin crossed $66,500 Monday morning as the broad crypto market welcomed the return of a risk-on mood.