FRANCE – 2025/01/20: In this photo illustration, Trump Meme , Trump the Crypto president, is seen displayed on a smartphone screen. (Photo Illustration by Romain Doucelin/SOPA Images/LightRocket via Getty Images)
Romain Doucelin | Getty Images
Cryptocurrencies rallied on Sunday after President Donald Trump announced the creation of a U.S. strategic crypto reserve that will include bitcoin and ether, as well as XRP, Solana’s SOL token and Cardano’s ADA, he said in a post on Truth Social.
“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,” the post said. “I will make sure the U.S. is the Crypto Capital of the World.”
“And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be at the heart of the Reserve,” he said in a follow-up post.
XRP surged 33% after the announcement while the token tied to Solana jumped 25%. Cardano’s coin soared more than 68%.
Bitcoin and ether gained 7% and 11%, respectively.
Bitcoin jumps on Trump’s announcement of a strategic crypto reserve
Trump is hosting the first White House Crypto Summit on Friday, and investors will be watching closely for more clues about the direction of the reserve plans.
Trump first introduced the idea of a national bitcoin stockpile last summer at Bitcoin 2024 in Nashville, one of the industry’s largest conferences, where he began courting the crypto vote.
After his re-election in November, the drumbeat for a strategic bitcoin reserve grew louder, helping send the price of the flagship cryptocurrency to new all-time highs. That seemed to come to a halt after Trump issued his executive order on crypto in late January. It called for the President’s Working Group on crypto to evaluate the “potential creation and maintenance of a national digital asset stockpile, potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts,” among other things.
The industry had a lukewarm response to the language, however — in part because investors expected a focus on bitcoin, whereas the term “digital assets” suggested the stockpile could include other cryptocurrencies without giving specifics.
Bitcoin had been in consolidation since the executive order. It just closed out its worst month since 2022, with its performance driven by macro uncertainty as it’s been absent a crypto specific catalyst.
WATCH: What the SEC’s new crypto strategy means for the industry
