A single, federal-level strategic bitcoin reserve would be cool, but you know what would be even cooler? 50 state-level ones.
Ok, so we’re not quite at 50 yet. But since we published our first article on state proposals for a strategic bitcoin reserve, 14 more states have lined up to buy our bags introduced legislation to establish a bitcoin/digital asset stockpile.
So far, legislatures from 23 states have introduced bills to establish strategic bitcoin reserves, and they’re all different. Some allow for more aggressive allocations, others more conservative ones, and others rely on donations alone; some have provisions to allow the government to stake digital assets and/or lend them out (uh oh, call your resident bitcoin maxi, we smell s***coinery…); others give legal protections for self custody (yes please!); and some even provision for citizens to pay taxes in bitcoin (ew, why?).
Some of these bills are already dead, while a few others are speeding their way through the approval process.
(We’d like to give a big shoutout to Julian Fahrer, whose Bitcoin Laws website makes tracking these bills a breeze).
State strategic bitcoin reserve proposals
Arizona (Senate Bill SB1025)
- Passed by Senate Committee of the Whole on February 12, 2025, moved to Senate for formal vote
- Allows any Arizona public fund to invest up to 10% of its holding in virtual currencies if the U.S. Federal Government establishes a strategic bitcoin reserve per Senator Lummis’ BITCOIN Act.
Montana (House Bill HB 429)
- Introduced February 7, 2025, still in committee
- Allows the state treasurer to invest up to $50 million from the general fund in cryptocurrencies, stablecoins, and precious metals held by a qualified custodian via an exchange-traded fund (ETF), so long as those investments have a market cap equal to or greater than $750 million. If signed into law, the act would be effective July 1, 2025.
South Dakota (House Bill HB1202)
- Referred to the House Commerce and Energy committee on February 7, 2025
- Description: Permits the State Investment Council to invest up to ten percent of investible state money into bitcoin, either directly with a qualified custodian or indirectly via an ETF. In the case of direct bitcoin holdings with a qualified custodian, lays guidelines for secure and redundant storage.
Utah (House Bill HB0230)
- Passed in the Utah House, moved to Senate committee on February 7, 2025
- Would permit the state to invest up to 10% of investible money from multiple funds into digital assets, including establishing regulatory requirements for stabelcoin allocation. Authorizes state treasurer to stake and lend digital assets under certain conditions. Also established legal guarantees for self custody and commerce using digital assets, and prohibits requiring a money transmitter license for node operators, developers, and for entities operating “a business or decentralized protocol that effectutes the exchange of one digital asset for another digital asset and does not exchange digital assets for legal tender or bank deposits.”
New Mexico (Senate Bill SB 275)
- Sent to Senate Tax, Business, and Transportation Committee on February 4, 2025
- Permits the state treasurer and state investment fund to allocate up to 5% of total public funds from each of the following: land grant permanent fund severance tax permanent fund, tobacco settlement permanent fund, any other fund “deemed appropriate by the state investment council.” Bitcoin can be held directly by the state via “a secure custody solution,” by a qualified custodian, or in an ETF, and the government can loan bitcoin for returns in ways that do not increase “financial risk of the state. Also allows for state retirement funds to invest in bitcoin ETFs and for citizens to pay taxes in bitcoin. Would be effective on July 1, 2025.
Missouri (Senate Bill SB 614)
- Introduced January 23, 2025
- Allows the state treasurer to invest up to 10% of public funds into “qualifying digital assets,” which could be custodied directly, through a qualified custodian, or through an ETF. Also allows the treasurer to engage in staking and loaning digital assets via qualified parties. Prohibits additional taxation on using digital assets as payment and exempts digital asset payments at or under $200 from capital gains, and establishes protections for residential and commercial bitcoin mining operations.
Georgia (Senate Bill SB178)
- Introduced February 13, 2025
- Authorizes the State Depository Board to permit the state treasurer to invest up to 5% of any state fund into bitcoin directly, via a qualified custodian, or through an ETF. Allows for the state to loan bitcoin for yield, as well.
Wyoming (House Bill HB0201)
- Bill killed in Minerals, Business, and Economic Development Committee on February 10, 2025
- Would have allowed the state treasurer to invest up to 3% of state funds and permanent funds into bitcoin directly, through a qualified custodian, or with an ETF.
Pennsylvania (House Bill HB2664)
- Bill sponsor was not reelected, so bill died in the Finance Committee after being referred on November 19, 2024
- Would have allowed the state treasurer to invest up to 10% of the State General Fund, Rainy Day Fund, and State Investment Fund in bitcoin and digital assets. Also would have permitted public retirement funds to hold bitcoin.
North Dakota (House Bill HB 1184)
- Failed to pass in the House on January 31, 2025
- Would have permitted the state to invest up to 10% of specific funds into digital assets and precious metals.
Texas (Senate Bill SB21)
- Public hearing scheduled for February 18, 2025
- Allows “the state to own and hold bitcoin as a financial asset “– and for “persons, including residents of this state, to donate bitcoin to the state for deposit in the reserve.” Also allows the comptroller to roll up to 1% of leftovers from biennial budget into bitcoin.
Texas (Senate Bill SB 778)
- Referred to Finance Committee on February 7, 2025
- Conceptually very similar to the Texas House bill.
Texas (House Bill HB 1598)
- Introduced December 12, 2024
- Allows the state to accept bitcoin as donations. Comptroller of the treasury would have to hold any donated coins for at least five years before selling, transferring, or converting to another digital asset.
Ohio (Senate Bill SB57)
- Referred to Financial Institutions, Insurance, and Technology Committee on January 29, 2025
- Allows the treasurer to use “interim money of the state” to invest in bitcoin and hold it directly or via a qualified custodian. Also allows the state to receive funds and bitcoin and hold them in the fund for at least five years after receipt, so long as the treasurer reimburses the state in cash for the value of the bitcoin received.
New Hampshire (House Bill HB302)
- Subcommittee working session scheduled for February 18, 2025
- Would allow the state treasurer to invest up to 10% of New Hampshire’s total public funds into digital assets and precious metals. Digital assets can be held directly, through a qualified custodian, and via an exchange traded fund, and the treasurer can stake or loan assets through qualified parties.
Oklahoma (House Bill HB1203)
- Advanced from Banking, Financial Services, and Pensions Committee on February 12, 2025
- Would allow the state treasury to invest in bitcoin and digital assets with a market cap over $500 billion. Provides supporting language for custody, compliance, and staking.
Iowa (House File 246)
- First reading on January 29, 2025
- The “Inflation Protection Act” would allow the state treasurer to invest up to 5% of public funds (General Fund, Cash Reserve, Emergency Relief) into digital assets with a market cap over $750 billion. Also includes provisions for investments in precious metals.
Florida (Senate Bill S0550)
- Introduced February 7, 2025
- Authorizes the state’s Chief Financial Officer to invest up to 10% of certain public funds into bitcoin. Provides requirements for custody, authorizes CFO to lend BTC, and requires taxes collected in bitcoin to be transferred to General Revenue Fund
Florida (House Bill HB487)
- Introduced February 10, 2025
- Contents are almost identical to the Florida Senate bill
North Carolina (House Bill HB92)
- Passed first reading February 12, 2025
- Authorizes the state treasurer to invest up to 10% public funds into digital assets with a minimum market cap of $750 billion. Almost identical to Florida’s bills except language is not bitcoin-exclusive and allows the treasury to invest from more state funds (including the Highway Fund and state retirement funds)
Kentucky (House Bill HB376)
- Sent to House Banking and Insurance Committee February 12, 2025
- Permits the State Investment Commission to invest up to 10% of surplus treasury cash into bitcoin and other digital assets, so long as they have a market capitalization over $750 billion, and state agencies and retirement funds to invest in and accept bitcoin. Also prohibits the state of Kentucky from investing in or accepting payments in the form of a central bank digital currency.
Maryland (House Bill HB 1389)
- Hearing scheduled for March 6, 2025 in the Judiciary and Appropriations Committee
- Allows the state treasurer to create a Bitcoin Reserve Fund but only with funds seized from gambling violations.
Michigan (House Bill HB4087)
- Introduced February 13, 2025
- Allows the state treasurer to invest up to 10% of funds from the General Fund and Budget Stabilization Fund in cryptocurrency, and gives the treasury the ability to loan cryptocurrency as well.
Massachusetts (Senate Docket SD422)
- PresentedJanuary 13, 25
- State treasurer may invest up to 10% of $9 billion Commonwealth Stabilization Fund into Bitcoin and digital assets. Allows any seized digital assets to be deposited into the fund, and allows the treasurer to loan against assets.
Illinois (House Bill HB1844)
- Referred to House Rules Committee on February 17, 2025
- Would create a special fund in the state treasury furnished by gifts, grants, and donations where the treasurer must hold all deposits for a minimum of 5 years.
West Virginia (Senate Bill SB465)
- Introduced on February 14, 2025
- Would authorize the treasury to invest up to 10% of certain public funds into digital assets and precious metals with a market capitalization over $750 million.
