What to know:

• The U.S. president signed an executive order directing the creation of a sovereign wealth fund.
• The Treasury and Commerce Departments will lead this initiative.
• Although bitcoin wasn’t specifically mentioned at the signing, the fund may eventually manage the government’s bitcoin assets.

U.S. President Donald Trump signed an executive order on February 3, 2025, instructing the Treasury and Commerce Departments to develop a sovereign wealth fund.

Treasury Secretary Scott Bessent has exhibited a cautious interest in cryptocurrency, while Commerce Secretary nominee Howard Lutnick is recognized as an outspoken advocate for the industry. Lutnick’s firm, Cantor Fitzgerald, handles significant stablecoin reserves, and he has openly discussed his substantial personal investment in bitcoin (BTC).

Bessent indicated that the sovereign wealth fund could be established within a year. This fund could potentially function as a means for the government to acquire and hold cryptocurrency.

In response to the executive order, bitcoin’s value ascended slightly to $99,600.