Donald Trump signed an executive order on March 6, 2025 establishing the U.S. Strategic Bitcoin Reserve. Bitcoin is stabilising around $84,000 — down 23% from the January all-time high. What the decree concretely provides The reserve consists of bitcoins confiscated through legal proceedings — approximately 200,000 BTC. The decree stipulates long-term holding with no active purchasing programme announced. The market's disappointment The market had anticipated active government purchases. The reality is more modest: a codification of what the government was already doing. Bitcoin corrected 5% in the hours following the announcement. What this data does not tell us Creating a strategic reserve, even without immediate active purchases, establishes a major institutional precedent. Other nations could follow.