Six Trump cabinet members hold Bitcoin worth millions, latest disclosures reveal

Some crypto CEOs praise the Trump administration and are convinced that decentralization will reign again, especially since several cabinet members now own Bitcoin directly or indirectly. 

At a technology summit in California this week, Abra CEO Bill Barhydt said they just want to build their businesses without worrying that somebody’s trying to shut them down.

President Trump doubled down on his commitment to crypto at a historic White House summit on digital assets, saying: 

I promised to make America the Bitcoin superpower of the world and the crypto capital of the planet, and we’re taking historic action to deliver on that promise.

President Trump

Trump’s strategic Bitcoin reserve shakes markets as crypto-holding officials gain influence

If Trump fulfills his commitment to making America the “Bitcoin superpower of the world,” crypto proponents currently in his administration could be a major force behind it.

Fortune’s review of January financial disclosures of President Trump’s cabinet members found six of the 22 reported Bitcoin wallets or indirect investments in cryptocurrency through financial vehicles. Trump says “the federal government” is one of the largest holders of Bitcoin.

He signed an executive order creating a strategic Bitcoin reserve and U.S. Digital Asset Stockpile to cement this role. The order intends to tackle the “fragmented approach to cryptocurrency” and establish a cohesive federal framework to regulate such assets.

This news extended Bitcoin’s losses last Thursday. The cryptocurrency fell 5.7% in less than an hour as investors reacted to President Donald Trump’s executive order establishing a Bitcoin reserve.

The decline came after Bitcoin surged above $92,000 on speculation surrounding the initiative earlier in the week. 

Ethereum lost 6.1% to $2,100, while Solana and Dogecoin declined 6.8% and 5.8%, respectively. Binance’s BNB dropped 3.6% to $576, while Cardano fell 13.8% to $0.81, leading losses among major tokens.

High-profile cabinet members disclosed large Bitcoin holdings

Bitcoin has found its way into the highest levels of the U.S. government, with six Trump cabinet members disclosing significant crypto holdings in their latest financial filings.

Health and Human Services Secretary Robert Kennedy Jr. disclosed a Bitcoin Fidelity crypto account worth $1,000,001 to $5,000,000.

Office of Management and Budget Director Russell Vought disclosed Bitcoin in a Coinbase wallet valued at $1,001 to $15,000; he said he’d divest.

Director of National Intelligence Tulsi Gabbard revealed ownership of a Bitwise Bitcoin ETF Trust and Bitcoin holdings, each valued between $15,001 and $50,000, also pledging to divest.

Defense Secretary Pete Hegseth disclosed Bitcoin holdings in the same range.

Treasury Secretary Scott Bessent listed an iShares Bitcoin Trust ETF worth between $250,001 and $500,000, with his ethics agreement requiring divestment within 90 days of confirmation.

Transportation Secretary Sean Duffy disclosed Bitcoin holdings worth between $250,001 and $500,000, additional Bitcoin in a Gemini wallet of the same value, and a Fidelity Wise Origin Bitcoin Fund investment between $50,001 and $100,000.

Trump’s crypto pivot sparks industry support as SEC eases pressure

Speaking at that California summit, Barhydt sharply distinguished between the current and past administrations regarding cryptocurrency. He claimed the Securities and Exchange Commission (SEC) had been preparing to sue a range of digital asset companies under the previous administration for regulatory infractions.

That “pushed a lot of apolitical people into the arms of this administration, and unbeknownst to the public, I believe we were the single largest donor to basically get them elected in order to deal with this problem,” Barhydt said.

He said millions of dollars have gone into efforts to re-elect Trump and elect pro-crypto lawmakers and that the industry even put money into Trump’s inauguration.

Trump has also doubled down on his commitment to the sector by installing venture capitalist and former PayPal executive David Sacks as his “AI and Crypto Czar.” 

Barhydt noted that the SEC is no longer on their back, referring to the entire digital asset world. “Headwinds have turned into tailwinds,” he said. “We believe this is the future… We just want to build our businesses without having to look over our shoulders that some crazy person wants to kill us.”

Since Trump’s bull market win, the SEC has dropped multiple crypto lawsuits, and the industry remains hopeful for the much-awaited regulatory clarity.

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