Key Takeaways
- Two Bitcoin-related executive order deadlines have passed without updates.
- Trump's May 22 memecoin gala and Vance's May 28 keynote could offer new policy details.
- K33 analysts highlight Bitfinex's LEO token as a key Strategic Bitcoin Reserve trade.
K33 Research analysts are cautioning Bitcoin market participants to stay alert for potential policy shifts as President Donald Trump and Vice President J.D. Vance prepare for public appearances tied to digital assets.
Overview of Bitcoin-related executive orders
Since taking office, Trump has issued two Bitcoin-related executive orders.
The first, dated January 23, outlined steps to evaluate existing digital asset guidance and establish a U.S. Digital Asset Stockpile.
It included three deadlines — February 22, March 24, and July 22 — but no updates have been made public to date.
A second order, issued March 6, proposed creating a U.S. Strategic Bitcoin Reserve using an estimated 200,000 Bitcoin held by the federal government.
Agencies were to identify existing Bitcoin holdings by April 5, with the Treasury evaluating further purchases by May 5. Both deadlines have passed without disclosure.
Anticipated announcements at upcoming events
Vetle Lunde and David Zimmerman, analysts at K33 Research, wrote:
Policy developments remain a key under-appreciated catalyst in the crypto market,
They expect new information at Trump’s memecoin gala on May 22 or Vance’s Bitcoin 2025 keynote on May 28.
Bitfinex’s LEO token as a strategic play
The analysts also spotlight Bitfinex’s LEO token as a potential play on the Strategic Bitcoin Reserve.
They project 94,636 BTC may be returned to Bitfinex, with 75,700 BTC used to buy and burn LEO.
Currently, LEO trades at a 0.15% discount to NAV, down from a 40% premium last month.
