In a post on Truth Social, Trump mentioned that his January executive order on digital assets would create a stockpile featuring Bitcoin, Ether, XRP, Solana, and Cardano. The list had not been disclosed prior to his announcement.

Shortly after, Trump emphasised that Bitcoin and Ether would play a central role in the reserve, stating, “And, obviously, BTC and ETH, as other valuable cryptocurrencies, will be at the heart of the Reserve.”

Following Trump’s comments, Bitcoin, the largest cryptocurrency by market capitalisation, saw a significant increase of over 11%, reaching $94,164 by Sunday afternoon. Ether, the second-largest cryptocurrency, rose approximately 13%, climbing to $2,516.

The total cryptocurrency market has surged approximately 10%, adding over $300 billion in value, following Trump’s announcement about a new US strategic reserve for digital assets, according to CoinGecko, a cryptocurrency data and analysis firm.

Among the assets mentioned, XRP is the token associated with Ripple Labs, which recently supported a super PAC aimed at influencing congressional elections in November to benefit the cryptocurrency sector, according to Reuters.

Federico Brokate, head of US business at digital assets investment firm 21Shares, said: “This move signals a shift toward active participation in the crypto economy by the US government. It has the potential to accelerate institutional adoption, provide greater regulatory clarity, and strengthen the US’s leadership in digital asset innovation.”

But James Butterfill, head of research at asset manager CoinShares, expressed surprise at the inclusion of digital assets beyond Bitcoin in the reserve. “Unlike Bitcoin, these assets are more akin to tech investments. The announcement suggests a more patriotic stance toward the broader crypto technology space, with little regard for the fundamental qualities of these assets,” he said.