U.S. Treasury Taps Crypto Leaders for Bitcoin Reserve Custody Plan

The U.S. Treasury Department recently took a significant step toward shaping the future of the nation’s Bitcoin reserve by consulting with leaders from three prominent cryptocurrency custody firms.

Sources familiar with the discussions revealed that these meetings, held earlier this week, aimed to address the complex challenge of safeguarding billions of dollars in digital assets. Among the firms involved was Anchorage Digital, a key player in the crypto custody space, which met with Treasury officials on Monday to share insights on best practices for managing such a substantial reserve.

Anchorage Digital’s CEO, Nathan McCauley, spoke candidly with Decrypt about the meeting, noting that Treasury officials posed thoughtful and detailed questions. They explored not only the technical aspects of securing a national strategic Bitcoin reserve but also broader implications, such as the potential effects on stablecoins and the overall structure of the crypto market.

These topics have gained traction in Congress, reflecting their growing relevance to U.S. financial policy. McCauley emphasized the gravity of the moment, suggesting that the Treasury’s careful approach signals an awareness of the historic nature of this initiative. The Treasury Department, however, has not yet provided an official statement on the discussions.

With billions of dollars at stake, the government is actively seeking input from industry experts to refine its strategy. So far, no firm decisions have been made, but there is a leaning toward involving one or more third-party custodians in the short term. The long-term vision, however, appears to favor self-custody, where the government would independently manage its Bitcoin using cold wallets and private keys, reducing reliance on external entities.

Navigating the Complexities of a National Digital Stockpile

Beyond the Bitcoin reserve, the Treasury is also grappling with the logistics of a broader national digital assets stockpile, which includes a variety of seized cryptocurrencies across multiple blockchain networks. Unlike the Bitcoin reserve, this diverse collection is expected to remain under third-party custody indefinitely due to its complexity. Currently, the U.S. government holds nearly 200,000 BTC, valued at approximately $16.4 billion as of mid-March 2025.

The importance of secure custody was a focal point at a recent Washington event hosted by the Bitcoin Policy Institute, where McCauley joined BitGo CEO Mike Belshe and Casa CEO Nick Neuman for a panel discussion titled “Safeguarding America’s Bitcoin.” The executives speculated on the current state of the government’s Bitcoin stash, with Neuman humorously suggesting it might be “sitting in a closet at the U.S. Marshals Office,” while Belshe added it could be “on a drive at somebody’s desk.” Their lighthearted remarks underscored a serious concern: the need for robust, professional custody solutions to protect these assets.