President Trump has unveiled the digital assets that he plans to include in the US crypto strategic reserve, causing the value of those coins, many of which had been in a slump, to skyrocket.
The five cryptocurrencies Trump is eyeing are Bitcoin, Ether, XRP, Solana and ADA. Trump had signed an executive order in January to evaluate the “potential creation and maintenance of a national digital asset stockpile.”
On Sunday, Trump referred to what he previously called a “stockpile” as a “Crypto Strategic Reserve.”
“My Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA. I will make sure the U.S. is the Crypto Capital of the World,” Trump wrote on Truth Social.
“And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be the heart of the Reserve. I also love Bitcoin and Ethereum!”
Trump did not specify how much would be invested in each digital asset.
All five coins all skyrocketed in value Sunday, notching 8% to 20% increases by 2 p.m. ET.
Bitcoin, the largest cryptocurrency by market value, had been hovering around $86,000 per coin, down from a high of about $106,000 earlier this year. On the heels of Trump’s announcement, it jumped to almost $93,000.
Ether’s value shot up about 11.6% to about $2,476 by 2 p.m. ET, while XRP also jumped 11.6% to $2.76, Solana surged roughly 20% to $168.45 and ADA went up about 11.6% to $0.66.
Notably, Solana’s blockchain platform hosts Trump’s eponymous memecoin — a type of cryptocurrency which derives value from internet hype cycles rather than intrinsic value or utility.
Back in January, the Trump memecoin launched, briefly pushing Trump’s net worth to over $60 billion, by some estimates.
The Trump coin nosedived from about $44 to about $13 on Saturday. On Sunday, it jumped over 18.5% to $15.39 by 2 p.m. ET.
Members of his family have also launched or invested in cryptocurrencies.
Trump drew significant fanfare from the crypto industry during his campaign and vowed to be friendly to the sector during his presidency.
Cryptocurrencies have been a hotbed of pump-and-dump schemes as well as other scams over recent years.
Last month, Argentina’s President Javier Milei promoted the Libra coin, causing its value to soar before many early holders cashed out, causing its price to crash. Crypto developer Hayden Davis, who helped launch Libra, later called the industry an “insiders’ game.” Now, Milei is facing an investigation.
In another example, last year, Haliey Welch, the woman at the center of the “Hawk Tuah” meme, faced scrutiny after her digital coin launched and surged in value thanks to her promotion of it, only to shed some 95% of its value within hours.
Trump plans to host a cryptocurrency White House summit on Friday.
He has tapped David Sacks as the White House czar on cryptocurrency and artificial intelligence.
