The stockpile of other coins will include "digital assets other than bitcoin forfeited in criminal or civil proceedings." Sacks said the government will not acquire additional assets for it "beyond those obtained through forfeiture proceedings." Arkham data shows the U.S. government owns about 56 ether tokens worth almost $119 million. The data does not list XRP or the Solana or Cardano tokens.
Investors initially dumped their coins at the notion of the U.S. having no immediate planned purchases of bitcoin, against the backdrop of major weakness in equities.
"It is good news, but not what the market wanted in the short term," Steven Lubka, head of private clients and family offices at Swan Bitcoin, said of the initial sell-off. "People were hoping for near-term buy pressure."