VanEck Endorses Trump's Strategic Bitcoin Reserve Proposal, BlackRock Yet to Comment

As the re-elected Donald Trump gets closer to the White House, leading firms are sharing their stance on where they stand with his bold plans for crypto

As President-elect Donald Trump edges closer to the White House, leading firms are unveiling their stance on his bold plans for crypto, including the creation of a strategic national Bitcoin (BTC) reserve.

The move to place Bitcoin at the forefront of the government’s money strategy has appeared to divide some American investment firms.

On Tuesday, Nov. 19, VanEck publicly backed the reserve in response to sources stating that BlackRock was not endorsing the move.

VanEck and BlackRock Divided

Announcing the support in a post on X, Matthew Sigel, VanEck’s head of digital asset research, announced that the American investment management firm was backing Trump’s Bitcoin proposal.

“For immediate release: VanEck Endorses Strategic Bitcoin Reserve. No need for ‘sources’ we just tell you ourselves,” Sigel stated.

The post was in response to Eleanor Terrett, a journalist from Fox News, reporting that close sources to BlackRock said it would not be endorsing the reserve.

“Sources close to BlackRock tell FoxBusiness the big money manager is not endorsing a strategic $BTC reserve despite recent reports that it is,” Terrett said.

This directly contrasted claims from Dennis Porter, CEO and co-founder of the Satoshi Act Fund, who revealed that BlackRock would be backing the reserve.

BlackRock, which manages over $10 trillion in assets, has not yet released an official statement on the matter.

Bitcoin Strategic Reserve

In the lead-up to his re-election, Trump announced he wanted to incorporate Bitcoin into the national financial strategy through a “strategic Bitcoin reserve.”

The reserve would function similarly to traditional gold reserves, serving as a hedge against inflation and an alternative to fiat currency, which Trump argues could reduce the national debt in the long term.

While Trump has not provided a specific policy on how this would be enacted, self-proclaimed “Bitcoin senator” Cynthia Lummis recently suggested selling some of the government’s gold to fund the President-elect's proposed Bitcoin stockpile.

Speaking to Bloomberg, Lummis said: “We already have the financial assets in the form of gold certificates to convert to Bitcoin. So the effect on the U.S. balance sheet is pretty neutral.”