Trump's big crypto move: US strategic reserve to include Bitcoin, Ether, XRP, Solana, Cardano

US President Donald Trump has announced plans to include five major cryptocurrencies in a new US strategic reserve, leading to a surge in crypto prices. Trump made the announcement on Truth Social, confirming that his January executive order on digital assets would establish a stockpile of cryptocurrencies, including Bitcoin (BTC), Ether (ETH), XRP, Solana (SOL), and Cardano (ADA). The specific names were disclosed for the first time, with Trump emphasizing the importance of BTC and ETH in the reserve.

Following the announcement, Bitcoin surged 11%, reaching $94,164, while Ether jumped 13% to hit $2,516. The total cryptocurrency market gained $300 billion within hours, according to CoinGecko. XRP, associated with Ripple Labs, also saw gains, benefiting from Ripple's lobbying efforts supporting pro-crypto congressional candidates.

Since his 2024 election campaign, Trump has actively supported the crypto industry. He is set to host the first White House Crypto Summit on Friday. His administration has rolled back regulatory crackdowns from the Biden era, including dropping a SEC lawsuit against Coinbase, the largest U.S. crypto exchange. In contrast, Joe Biden's administration had taken a stricter approach, focusing on fraud and money laundering in the sector.

Despite the recent price surge, crypto markets have struggled in recent weeks, erasing gains made after Trump's election victory. 

It remains unclear whether Trump will need Congressional approval to establish the crypto reserve. Some experts believe the US Treasury's Exchange Stabilization Fund could be used to acquire cryptocurrencies without new legislation. Additionally, Trump's crypto team has reportedly explored using seized digital assets from law enforcement actions to help create the stockpile. With Trump now openly backing crypto, all eyes are on his administration's next move and whether it will provide the regulatory clarity the industry has long sought.