Trump Announces Five Cryptocurrencies for U.S. Strategic Reserve, Crypto Market Surges

U.S. President Donald Trump has unveiled five cryptocurrencies under consideration for the country’s new "strategic reserve." Through his Truth Social account, Trump stated that this initiative is an extension of an executive order he issued last January.

The five digital assets included in the list are Bitcoin (BTC), Ether (ETH), XRP, Solana (SOL), and Cardano (ADA). "Of course, BTC and ETH, alongside other valuable cryptocurrencies, will form the core of the reserve," Trump said, as reported by Reuters on Monday (March 3, 2025).

Trump’s announcement immediately sent shockwaves through the crypto market. Bitcoin, the world's largest cryptocurrency by market value, surged over 10% to reach $92,459 on Sunday afternoon U.S. time. Ether, the second-largest cryptocurrency, rose approximately 11% to $2,456. Meanwhile, XRP, Solana, and Cardano posted gains of 34%, 22%, and 63%, respectively.

According to Federico Brokate, Head of U.S. Business at 21Shares—an asset management firm specializing in digital investments—this move signifies a major shift in the U.S. government's involvement in the crypto economy.

"This initiative could accelerate institutional adoption, provide greater regulatory clarity, and strengthen U.S. leadership in digital asset innovation," Brokate stated.

However, James Butterfill, Head of Research at CoinShares, expressed surprise at the inclusion of digital assets beyond Bitcoin in the reserve. He argued that unlike Bitcoin, smaller assets such as XRP, Solana, and Cardano resemble more of a tech investment than a traditional store of value.

"This announcement reflects a more patriotic stance toward the broader crypto technology sector, with less emphasis on the fundamental quality of these assets," Butterfill commented.

Trump has secured support from the crypto industry during his 2024 election campaign and has swiftly moved to align with their priorities. He recently hosted the first-ever White House Crypto Summit on Friday, and his family has even launched their own digital coin.

Under his Democratic predecessor, Joe Biden, regulators cracked down on the crypto industry in an effort to protect Americans from fraud and money laundering. However, under Trump’s Republican administration, the Securities and Exchange Commission (SEC) has pulled back several investigations into crypto firms, including dropping a lawsuit against Coinbase—the largest crypto exchange in the U.S.

Despite the excitement, cryptocurrency prices have sharply declined in recent weeks. Many of the largest digital assets have erased nearly all their gains following Trump's election victory, which had initially sparked a wave of optimism across the industry.

Analysts believe that the market needs a stronger catalyst to push prices higher, such as indications that the Federal Reserve (The Fed) plans to cut interest rates or a clearer pro-crypto regulatory framework from the Trump administration.

Reuters reported that Standard Chartered analyst Geoff Kendrick has set a bold target for Bitcoin, predicting it could reach $500,000 before Trump leaves office—surpassing its previous all-time high of $109,071.

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