Alex Thorn, Galaxy Digital’s head of firmwide research, says the U.S. may formalize its long-speculated Strategic Bitcoin Reserve (SBR) as early as the end of 2025.
Key Takeaways:
- Galaxy’s Alex Thorn believes the U.S. could unveil a Strategic Bitcoin Reserve before year-end.
- Trump has already issued an executive order, while lawmakers are calling for a feasibility study.
- However, further delays risk leaving the U.S. trailing nations like Kyrgyzstan and Indonesia, which are already advancing their own plans.
U.S. May Be Closer to Launching Strategic Bitcoin Reserve, Says Galaxy Exec
In a post on X this week, Galaxy Digital’s head of research Alex Thorn said markets are overlooking the odds of the U.S. government officially announcing Bitcoin as a strategic asset.
“The market seems to be completely underpricing the likelihood of such an announcement,” Thorn wrote, pointing to growing momentum behind the initiative.
Trump’s Executive Order Sets the Stage
In March, President Trump signed an executive order authorizing the creation of both a Strategic Bitcoin Reserve (SBR) and a U.S. Digital Asset Stockpile. While no detailed roadmap has been published, recent moves in Washington suggest quiet progress.
This week, lawmakers introduced a bill directing the Treasury Department to assess the technical and strategic feasibility of the reserve. Trump’s July crypto policy report mentioned the SBR only briefly, but insiders say it remains a White House priority. A senior crypto liaison has reportedly reaffirmed the administration’s commitment to developing the reserve.
Mixed Views on Timing
Not all observers expect a 2025 rollout. Dave Weisberger, former chairman of CoinRoutes, argues the administration may wait until 2026, giving it more time to discreetly accumulate Bitcoin before going public.
Others warn delays could prove costly. Samson Mow, CEO of Jan3, has repeatedly cautioned that the U.S. risks falling behind as other nations accelerate sovereign Bitcoin strategies. Kyrgyzstan advanced legislation this week to establish a crypto reserve, while in Indonesia, industry advocates met with officials to push for a similar program.
Corporate Bitcoin Holdings Surge
As speculation grows over a U.S. reserve, corporations continue adding Bitcoin to their treasuries at record pace.
MicroStrategy leads the pack with 636,505 BTC, dwarfing all other corporate holders. Bitcoin miner MARA Holdings follows with 52,477 BTC, while Strike CEO Jack Mallers’ new firm XXI has quickly built a stash of 43,514 BTC. The Bitcoin Standard Treasury Company holds 30,021 BTC, with other major positions from Bullish (24,000 BTC), Metaplanet (20,000 BTC), and public firms like Riot Platforms, Trump Media & Technology Group, CleanSpark, and Coinbase.
The accumulation has stoked supply shock concerns, with only 5.2% of Bitcoin’s fixed 21 million supply left to be mined. Some companies are setting ambitious targets—Japan’s Metaplanet and U.S.-based Semler Scientific plan to hold 210,000 BTC and 105,000 BTC respectively by 2027, representing ten to twenty times their current positions.
Globally, corporate Bitcoin adoption is expanding fast. More than 120 public companies across Canada, the UK, Hong Kong, Mexico, South Africa, and Bahrain now report BTC on their balance sheets.
With rivals pressing ahead and corporate demand tightening supply, Thorn’s prediction has fueled speculation that the U.S. may soon make its entry into the sovereign Bitcoin race.
