The “strategic national digital assets stockpile” established by the Trump administration is likely facing unrealized losses, a new report shows.
Government Crypto Reserve Faces Steep Uncertainty
President Trump created two federal crypto holdings earlier this year, including the Strategic Bitcoin Reserve and the wider Digital Asset Stockpile.
The government has still not released a full accounting of these assets despite the disclosure mandate in the directive, Protos reported.
Most tokens entering these reserves come through criminal seizures, civil forfeitures, and major bankruptcy liquidations.
The absence of transparency has left the public relying entirely on third-party blockchain trackers.
Arkham currently estimates that the U.S. holds roughly $27 billion in cryptocurrency across its wallets, but the size of the Bitcoin reserve remains disputed among major data providers.
CoinGecko, Arkham, and BitcoinTreasuries report between 325,000 and 326,000 Bitcoin (CRYPTO: BTC).
However, BitBo presents a far lower estimate, placing the government's Bitcoin balance at 198,012 BTC.
Altcoins Are the Problem -- Not Bitcoin
If analysts assume the basket includes Ethereum (CRYPTO: ETH), XRP (CRYPTO: XRP), Solana (CRYPTO: SOL), and Cardano (CRYPTO: ADA) -- referenced in Trump's early messaging -- their returns since April 5 stand at:
- ETH: +49%
- SOL: +1.7%
- XRP: –11%
- ADA: –39%
The median return here is –4.5%.
Using a broader Arkham list of assets believed to be under U.S. custody -- Ethereum, BNB (CRYPTO: BNB), Uniswap (CRYPTO: UNI), Chainlink (CRYPTO: LINK), Aave (CRYPTO: AAVE), The Sandbox (CRYPTO: SAND), Render (CRYPTO: RNDR), Shiba Inu (CRYPTO: SHIB), and Band Protocol (CRYPTO: BAND) -- the return profile turns even more negative.
When excluding stablecoins and Bitcoin, the median return drops to –10 percent, weighed down heavily by metaverse and AI-focused tokens such as SAND and RNDR.
Transparency Gap Raises Bigger Questions
Despite the attention surrounding the Strategic Bitcoin Reserve, only Bitcoin ended up entering the federal reserve program.
Altcoins live in the separate Digital Asset Stockpile -- a structure with no public disclosures, no official registry, and no reporting portal for taxpayers.
This lack of clarity has fueled speculation about the government's real exposure.
If the stockpile contains sizeable holdings like the assets flagged in Marc Cohodes' post, the U.S. may be carrying significant unrealized losses.
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Image: Shutterstock
