Galaxy Digital warns markets underprice likelihood of US Strategic Bitcoin Reserve launch

Galaxy Digital’s head of firmwide research, Alex Thorn, has sparked fresh debate across the crypto community by asserting that financial markets are “underpricing” the likelihood of the United States unveiling its long-anticipated Strategic Bitcoin Reserve (SBR) before year-end. Yet while Thorn’s bullish stance has rattled traditional investors, some crypto executives remain unconvinced that a formal announcement is imminent.

Market Mispricing: Thorn’s Bold Claim

In a concise social post on X, Alex Thorn argued that market prices fail to reflect the strong probability of an SBR formation this year. He wrote:

“I still think there’s a strong chance the US government will announce this year that it has formed the Strategic Bitcoin Reserve (SBR) and is formally holding BTC as a strategic asset. Market seems to be completely underpricing the likelihood of such an announcement.”

This view stands in contrast to broader sentiment, where traders and institutional desks have largely treated the SBR concept as a post-2025 possibility.

From Executive Order to Legislative Scrutiny

President Donald Trump signed an executive order in March that formally authorised the creation of both a Strategic Bitcoin Reserve and a “US Digital Asset Stockpile”. However, concrete details on procurement targets, custodial arrangements or regulatory frameworks have yet to materialise.

Recent developments suggest, though, that momentum is building:

On July 30, a bipartisan group of US lawmakers introduced a bill compelling the Treasury to deliver a feasibility report on SBR formation, covering technical, legal and fiscal considerations.
Trump’s own crypto liaison reaffirmed in the administration’s latest policy report that an SBR remains a strategic priority, even if only mentioned in passing.
Regulatory bodies, including the Office of the Comptroller of the Currency (OCC), are reportedly examining custody models for government-held digital assets.

Sceptics Weigh In: 2026 Still on the Table

Not all market participants share Thorn’s optimism. Dave Weisburger, former chairman at CoinRoutes, maintains that a public SBR launch is more likely in 2026. His rationale centres on the belief that “this administration is too smart to announce ANYTHING until AFTER they accumulate to their initial target.”

For sceptics, the timeline hinges on:

Establishing a secure custody framework that satisfies both federal audit requirements and the Government Accountability Office (GAO).
Accumulating an initial tranche of Bitcoin at scale—potentially in the billions—without causing undue market distortion.
Navigating inter-agency coordination between Treasury, Fed, SEC and the White House.

Global Ripples: Emerging Economies Race to Build Crypto Buffers

While Washington’s progress remains uncertain, other nations are advancing their own digital asset reserves:

Kyrgyzstan has moved a bill through its parliament to establish a state crypto reserve, becoming a focal point in Central Asia’s growing blockchain ecosystem.
Indonesia saw Bitcoin Indonesia meet senior government officials on August 6 to discuss how a national Bitcoin stockpile could drive economic expansion.
El Salvador continues to refine its Chivo Wallet infrastructure, having already declared Bitcoin legal tender and ramped up public-sector adoption.

Strategic Bitcoin Reserve Meets Talent Hunt

A looming SBR announcement will carry seismic implications for web3 recruitment and crypto talent demand. Whether the US government moves forward this year or later, institutions will need to hire specialists capable of:

Designing and auditing treasury-grade custody solutions (blockchain security engineers, defi security specialists).
Managing large-scale asset acquisition strategies (on-chain analysts, macro crypto strategists).
Ensuring regulatory compliance across federal and international regimes (crypto legal counsel, compliance officers).
Building and maintaining governance frameworks for public sector digital asset portfolios.

The emergence of such roles has fuelled a surge in demand for blockchain talent across private and public sectors. As central banks explore their own digital reserves, the competition for top crypto headhunters and defi recruiters is set to intensify.

Why Blockchain Recruitment Agencies Are Poised to Shine

Traditional financial recruitment models struggle to place niche roles like “quantitative on-chain researcher” or “national digital asset officer”. Enter the specialised blockchain recruitment agency. These firms combine deep sector knowledge with extensive networks, enabling them to:

Map and engage passive candidates who possess both crypto expertise and public-sector experience.
Craft bespoke talent acquisition strategies aligned with stringent security and audit requirements.
Deliver end-to-end support—from role definition through onboarding—for roles that straddle finance, technology and public policy.

Spectrum Search, as a leading web3 recruitment agency in the UK, has already observed:

a 45% year-on-year rise in searches for “crypto headhunter” and “national blockchain strategist”.
new briefs from sovereign wealth funds seeking “crypto governance leads”.
heightened interest from global consultancies building digital asset practices.

Institutional Strategy: Beyond the Bitcoin Price Bet

The US SBR concept transcends mere speculation on Bitcoin’s price. Officials view BTC as a strategic hedge amid:

Potential dollar-debasing fiscal stimulus cycles.
Rising geopolitical tensions driving safe-haven demand.
Catalysts from emerging digital commerce frameworks.

For recruitment specialists, this means sourcing candidates who can navigate:

Macro risk analysis in a digital context.
Integration of on-chain data feeds with legacy treasury systems.
Design of multi-layer custody solutions supported by insurance markets.

Strategic Bitcoin Reserve Timeline: Key Milestones

March: President signs the executive order establishing SBR and Digital Asset Stockpile.
(Learn more: two-billion-bitcoin shift)
June: Treasury’s Office of Financial Research solicits public comment on crypto asset categorisation.
July: Bipartisan bill introduced to mandate an SBR feasibility report.
Q4 (Projected): Potential public declaration of asset accumulation targets and custodial partners.

What’s Next for Crypto Recruitment?

Whether the SBR launch arrives in 2024 or slides into 2026, savvy organisations will move immediately to secure talent. Key actions for hiring managers include:

Engaging specialised crypto recruiters and web3 headhunters early, to map the talent landscape before competitors.
Prioritising candidates with hybrid skills in public policy, risk management and blockchain technology.
Partnering with blockchain headhunters who understand the urgency and confidentiality of sovereign digital asset operations.
Building internal training programmes to fast-track candidates from fintech into strategic digital-asset roles.

Global Lessons: Who’s Watching Washington?

Other national governments are taking notes. As the US deliberates asset accumulation and legal guardrails, emerging economies like Kyrgyzstan and Indonesia are racing to stand up their own reserves. This competition underscores one truth for crypto recruitment agencies: the need to build an internationally mobile pool of blockchain talent, capable of advising governments and scaling sovereign digital asset initiatives.