Crypto stocks seesawed Monday after President Donald Trump said in a post on Truth Social that his administration will create a US crypto reserve.

In a post on Truth Social on Sunday, Trump said the US crypto reserve would include bitcoin, ether (ETH-USD), XRP (XRP-USD), solana (SOL-USD), and cardano (ADA-USD). Trump had previously issued an executive order to create a national crypto “stockpile” but did not name which cryptocurrencies would be included.

Strategy (MSTR), formerly known as MicroStrategy and the largest corporate holder of bitcoin, rose 12% early Monday before reversing direction. The stock closed the trading day down 1.8%.

Crypto miners Riot Platforms (RIOT) and MARA Holdings (MARA), formerly known as Marathon Digital, jumped 7% and 9%, respectively, but also changed course later in the day. Riot ended the trading session Monday down 4.5%, while MARA fell 1%. Crypto exchange Coinbase (COIN) dropped 4.6%.

“A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA,” Trump wrote in the Truth Social post. “I will make sure the U.S. is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!”

“And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be the heart of the Reserve. I also love Bitcoin and Ethereum!” he added in a separate post.

Bitcoin (BTC-USD) rose nearly 9% Monday to more than $92,000 but reversed direction to end the trading day down more than 8%.

The decline comes after bitcoin saw its worst month in February since June 2022, dropping roughly 17% as the so-called Trump trade lost steam.

Trump's announcement sparked a $300 billion global crypto rally Sunday that faltered late Monday.

“What was expected to be a ‘Bitcoin national stockpile’, has turned out to be a ‘Crypto strategic reserve’ covering multiple digital assets,” Bernstein analysts wrote in a note Monday morning. “[The] Crypto community was surprised to see digital assets beyond Bitcoin in the U.S crypto reserve.”

The idea of a national crypto reserve was first floated by US Sen. Cynthia Lummis, a Republican from Wyoming, in a bill she introduced in 2024 that directed the US Treasury to establish a strategic bitcoin reserve for the secure storage of US bitcoins.

“It is not clear, if the strategic reserve can be created merely by President’s executive order," the Bernstein analysts wrote. "If the Fed balance sheet is involved, it would require a specific bill to be passed by the Congress. It is also unlikely, the government can pull off the reserve under the Treasury, without involving the Fed balance sheet.”