Coinbase Drops a Hint

Major cryptocurrency exchange Coinbase sparked curiosity in the crypto community with a two-word tweet: “Big day.”

This tweet follows the signing of an executive order establishing a Bitcoin reserve and an additional stockpile of various assets. It also precedes a crypto summit in Washington, D.C., where representatives from companies including Coinbase and Robinhood are expected to attend.

> ₿ig day.
> — Coinbase 🛡️ (@coinbase) March 7, 2025

The executive order is largely symbolic as it marks the first formal acknowledgment of Bitcoin as a reserve asset. The tweet’s timing suggests Coinbase may be involved in these initiatives, although the exact context remains unclear.

Last month, Coinbase achieved a legal victory when the SEC dismissed its case against the exchange.

What’s Happening?

David Sacks, noted as the crypto and AI czar, explained that the Bitcoin reserve would contain Bitcoin seized during law enforcement proceedings. This initiative is touted as not costing taxpayers anything.

Currently, the U.S. is said to hold approximately $16.4 billion in Bitcoin and over $400 million in other tokens, mostly from asset forfeitures in legal cases. The reserve is intended to include digital assets aside from Bitcoin that were also seized.

Sacks highlighted that hasty sales of Bitcoin have previously resulted in over $17 billion in losses for U.S. taxpayers. Now, there is a strategy to maximize the value of these holdings. The Secretaries of Treasury and Commerce are empowered to devise budget-neutral strategies for acquiring additional Bitcoin without imposing costs on American taxpayers.

Meanwhile, the cryptocurrency market has experienced downturns as traders react to the lack of immediate Bitcoin purchases planned by the U.S. government amid ongoing weakness in equities.