President Donald Trump shocked the markets Sunday when he announced the assets intended for a planned U.S. strategic crypto reserve. 

Analysts at investment firm Bernstein are puzzled by U.S. President Donald Trump’s announcement that he would include Ethereum, XRP, Solana, and Cardano in a national crypto reserve along with Bitcoin, writing in a note Monday that the move could be difficult to put into practice if the U.S. central bank is involved. 

“The position of Bitcoin as a ‘digital gold’ holding for the U.S. government was expected,” analysts Gautam Chhugani, Mahika Sapra, and Sanskar Chindalia wrote in a Monday report. 

“ETH and SOL are the two most-used blockchain networks, and holding their native assets supports the growth of the industry—but the rationale for a sovereign to hold it in reserve is unclear,” they noted. 

In a Sunday post on his Truth Social platform, Trump announced a crypto reserve to “elevate this critical industry after years of corrupt attacks by the Biden administration.” He has been eager to fulfill campaign promises to the industry that overwhelmingly supported him, including calling for the creation of a crypto reserve.

The Bernstein analysts added that it still wasn’t clear whether the idea of a crypto reserve could be pushed through with an executive order alone. And convincing other members of the government of holding altcoins like Solana and Ethereum would likely be difficult, they continued. 

“We think a realistic path could be that the U.S. government can convince the Congress that Bitcoin is the new digital gold/global store of value and a gold revaluation/gold reserve reallocation makes sense,” the report said. “However, buying other blockchain assets from Fed funds or treasury funds is a difficult sell.”

He said that cryptocurrencies like Ethereum, the second-biggest digital coin by market cap, and Solana, the sixth-largest, would be held by authorities. 

The president during his campaign had focused on Bitcoin for a potential national stockpile. His plans to include altcoins surprised many industry observers. 

Bitcoin jumped sharply after Trump’s post and nearly touched $95,000 on Sunday, but lost those gains in Monday trading, dipping nearly as low as $85,000 in the afternoon.

Crypto markets have been swooning in recent weeks amid concerns about inflation, a potential trade war stemming from Trump tariffs, and other macroeconomic uncertainties. Bitcoin is trading well off its all-time high above $108,000, set in January.

Edited by James Rubin