Alex Thorn, head of firmwide research at Galaxy Digital, believes the United States could soon formalize its long-rumored Strategic Bitcoin Reserve (SBR), potentially before the end of 2025.
Key Takeaways:
- Galaxy’s Alex Thorn says the U.S. may announce a Strategic Bitcoin Reserve by year-end.
- Trump has already signed an executive order, with lawmakers pushing for a feasibility report.
- Delays could leave the U.S. behind as countries like Kyrgyzstan and Indonesia move forward.
In a post on X this week, Thorn said the odds are being overlooked by the market, adding that the U.S. government may soon announce it is officially holding Bitcoin as a strategic asset.
“The market seems to be completely underpricing the likelihood of such an announcement,” Thorn noted, highlighting growing momentum around the initiative.
Trump Signs Executive Order to Establish Strategic Bitcoin Reserve
In March, President Trump signed an executive order authorizing the creation of the Strategic Bitcoin Reserve and the US Digital Asset Stockpile.
While a detailed strategy has yet to be released, recent activity suggests movement behind the scenes.
Just this week, lawmakers introduced a bill requesting the US Treasury to evaluate the technical and strategic feasibility of the reserve.
Trump’s crypto policy report, published in July, made only a brief mention of the reserve, but insiders maintain it’s a priority.
The administration’s crypto liaison reportedly confirmed continued interest in building the SBR.
However, not everyone is convinced of a 2025 launch. Dave Weisburger, former chairman at CoinRoutes, believes the rollout is more likely in 2026.
yes, i mean the U.S. government announcing, not bessent’s offhand comment on tv
that comment gave us hints of where they think the size of the reserve stands but is not a formal announcement of the SBR https://t.co/ADxguLJ8vH— Alex Thorn (@intangiblecoins) September 11, 2025
He argues the administration may want to discreetly accumulate Bitcoin before making any public declarations.
Others warn that delays could carry consequences. Jan3 CEO Samson Mow has repeatedly stressed that the US risks being outpaced if it doesn’t act soon.
Global interest in sovereign Bitcoin reserves appears to be growing. Kyrgyzstan advanced legislation this week to establish its own crypto reserve, and Indonesia’s Bitcoin advocacy group recently met with officials to promote a similar strategy.
As rival nations explore national Bitcoin strategies, Thorn’s prediction adds weight to growing speculation that the US may soon enter the race.
Strategy Tops Corporate Bitcoin Holdings with 636,505 BTC
While the US is considering launching a strategic Bitcoin reserve, many corporate companies are adding BTC to their balance sheets.
Michael Saylor’s Strategy now holds 636,505 BTC, making it the largest corporate holder by a wide margin.
Bitcoin mining firm MARA Holdings remains in second with 52,477 BTC, after adding 705 BTC in August.
But new entrants are gaining ground. XXI, founded by Strike CEO Jack Mallers, has amassed 43,514 BTC, while the Bitcoin Standard Treasury Company holds 30,021 BTC.
Other major players include crypto exchange Bullish (24,000 BTC), Metaplanet (20,000 BTC), and publicly listed names like Riot Platforms, Trump Media & Technology Group, CleanSpark, and Coinbase.
This wave of accumulation has fueled speculation around a supply shock. With just 5.2% of Bitcoin’s fixed 21 million supply left to be mined, continued corporate demand could drive prices even higher.
Some firms are aiming much higher. Japan’s Metaplanet and U.S.-based Semler Scientific have set targets of 210,000 BTC and 105,000 BTC by 2027, ten to twenty times their current holdings.
Outside the US, 120 public companies now hold Bitcoin. Canada, the UK, Hong Kong, Mexico, South Africa, and Bahrain are among the countries where corporate BTC ownership is growing.
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