To clear up confusion here.

This EO established 2 different things: a Strategic Bitcoin Reserve, and a U.S. Digital Asset Stockpile.

The Strategic Bitcoin Reserve will contain our ~198,109 bitcoin obtained through forfeiture proceedings, conduct a formal audit, and not sell any of it.

The U.S. Digital Asset Stockpile will contain all other non-BTC assets obtained through forfeiture proceedings.

This is not news—it has been heavily speculated by people like @matthew_pines at the @btcpolicyorg that this was the path of least resistance to create a Strategic Bitcoin Reserve: reclassifying what we already own under a formal ownership structure.

But here's the key.

The Secretaries of Treasury and Commerce will develop budget-neutral strategies for acquiring more bitcoin for the Strategic Bitcoin Reserve.

The U.S. will not develop strategies to acquire more non-bitcoin assets for the Digital Asset stockpile.

This is phenomenal. An acquisition strategy for bitcoin, not "crypto", will be developed by the US government.

This opens the door for the Treasury & Commerce Departments to use Pines' suggestion: use our ~$40bn surplus sitting in the Exchange Stabilization Fund to acquire more bitcoin.

This will likely be one of many funding mechanisms explored and established for the SBR by the government in the coming weeks and months.

What a time to be alive.