While the U.S. presidential crypto committee is still deliberating whether to create a strategic reserve that includes a mix of U.S.-based crypto tokens or a Bitcoin (BTC) -only reserve, state governments have been clear in their direction.
Over the past few months, several states have proposed or passed bills to create state-level Bitcoin reserves, with a few also considering including other digital assets.
On Feb. 12, Oklahoma Bitcoin reserve bill HB 1203 passed the Committee stage by a vote of six to two. Oklahoma is now on the same level as Arizona.
On Feb. 11, Florida state introduced a second Bitcoin reserve bill, HB- 487, allowing 10% of public funds to be invested into Bitcoin. The bill is quite similar to SB57, introduced earlier in February.
As of Feb. 10, more than 23 U.S. states have introduced bills advocating for a Bitcoin reserve. However, the proposal has already been rejected in Wyoming and North Dakota.
Here’s a breakdown of key states working to establish state-level BTC reserves.
In November 2024, Pennsylvania became one of the first states to propose a bill allowing the state treasury to hold Bitcoin.
The Pennsylvania Bitcoin Strategic Reserve Act would enable the state to invest up to 10% of its general fund, investment fund, and rainy day fund in Bitcoin.
Pennsylvania’s Rainy Day Fund totals $7 billion, and the General Fund holds over $9.7 billion, making the proposed investment substantial.
In December 2024, Samuel Armes, head of the Florida Blockchain Business Association (FBBA), revealed that Florida could join the Bitcoin reserve race by the first quarter of 2025.
Armes highlighted that both Speaker of the Florida House Danny Perez and Senate President Ben Albritton are supportive of Bitcoin, and with Governor Ron DeSantis also a proponent, Florida is well-positioned to adopt a Bitcoin reserve.
Texas is also racing to set up a Bitcoin reserve. In December 2024, during its 89th legislative session, Texas introduced Senate Bill 778.
The bill proposes creating a Bitcoin reserve separate from the state’s general revenue fund.
The reserve would allow Texas to hold Bitcoin as an asset and appropriate funds for further BTC purchases. Residents would also be able to donate Bitcoin to the reserve.
In December 2024, Ohio State Representative Derek Merrin introduced the Ohio Bitcoin Reserve Act, which would establish a state Bitcoin fund.
The bill grants the State Treasurer the authority to purchase Bitcoin at any time, positioning Ohio as another state moving toward a Bitcoin reserve.
Alabama state auditor Andrew Sorrell called for the state to establish a strategic Bitcoin reserve, following in the footsteps of its neighbouring state.
Sorrell said Alabama would position itself as a crypto-friendly state, and the embrace of new technologies will stand to benefit from those industries’ growth the most.
On Jan. 10, North Dakota legislators proposed a resolution to allocate state funds to digital assets.
While the resolution doesn’t specify whether Bitcoin would be the sole digital asset in the reserve, it signals that state policymakers are considering a broader strategy for digital asset inclusion.
On Jan. 10, New Hampshire state representative Keith Ammon introduced a bill that would allow the state treasury to invest in Bitcoin.
The bill doesn’t explicitly mention Bitcoin but sets high market value requirements that currently make BTC the only eligible cryptocurrency. The bill also authorizes the state to engage in “lending or staking” of digital assets.
Oklahoma joined the BTC reserve movement on Jan. 15 with House Bill 1203, the Strategic Bitcoin Reserve Act.
However, unlike most states that focus solely on Bitcoin, Oklahoma’s bill allows the state to accumulate BTC and other digital assets with a market cap of $500 million. At present, Bitcoin is the only digital asset that meets this criterion.
On Jan. 18, Massachusetts state senator Peter Durant introduced a bill calling for the creation of a strategic Bitcoin reserve.
The bill would allow up to 10% of the state’s rainy-day fund to be invested in BTC or other digital assets.
On Jan. 18, five Republican senators in Wyoming filed a bill to create a BTC reserve.
The bill would permit the state treasurer to invest public funds exclusively in Bitcoin, with no provision for other digital assets.
Wyoming’s approach is more conservative. It proposes allocating only 3% of the public funds to BTC, compared to other states that are considering 10%.
Utah entered the BTC reserve race on Jan. 21 with a bill proposing allocating 10% of state funds to Bitcoin and some stablecoins.
The bill also includes provisions for staking and lending digital currencies and security and self-custody rights for the state.
The House Committee passed the bill on Jan. 28, allowing the state treasurer to allocate 5% of the public fund to eligible digital assets that have a market capitalization of $50 billion.
On Jan. 27, Arizona’s Senate Finance Committee approved a bill that would allow public funds to be invested in Bitcoin.
The bill, known as the Arizona Strategic Bitcoin Reserve Act (SB1025), passed with a 5-2 vote. It authorizes the Secretary of the Treasury to establish a strategic Bitcoin reserve for government holdings, permitting the state to invest up to 10% of public funds in Bitcoin.
The state of Illinois has become the 13th American state to propose a strategic Bitcoin reserve. On Jan. 29, state representative John Cabello introduced a bill calling for the state to create one.
Illinois’ HB1844 bill proposes a state-run Bitcoin reserve with a mandatory five-year holding period before allowing conversions or sales.
If approved, the bill will empower the state treasurer to accept Bitcoin gifts, grants, and donations from Illinois residents and governmental entities for deposit into the fund.
Kentucky has become the latest state to join the Bitcoin reserve movement. Representative TJ Roberts announced plans to introduce the Bitcoin Strategic Reserve Act in February.
In a post on X, Roberts vowed to promote Kentucky as the crypto capital of the world.
Missouri introduced Senate Bill 614 on Feb. 3, proposing that the state invest 10% of its public funds in Bitcoin.
The bill also aims to protect self-custody rights, uphold the right to mine Bitcoin, and exempt nodes from money transmitter licenses.
Montana introduced a Bitcoin reserve bill on Jan. 31, enabling the state to invest up to $50 million in Bitcoin, digital assets, stablecoins, or precious metals.
The bill was introduced by Rep. Lammers and co-sponsored by Rep. Schomer.
South Dakota Republican Rep. Logan Manhart announced on X that he plans to introduce the Bitcoin reserve bill to establish a Bitcoin stockpile in the state.
Manhart added that South Dakota has one of the shortest legislative sessions in the country, which could make it the first state to pass a Bitcoin reserve bill.
On Jan. 30, Indiana introduced a bill allowing the state to invest its retirement funds in Bitcoin ETFs.
This legislative move seeks to expand investment options for retirement portfolios by including Bitcoin-based financial products.
On Jan. 23, Kansas State Senator Craig Bowser introduced Senate Bill 34, a proposal to allow the Kansas Public Employees Retirement System (KPERS) to invest up to 10% of public employee retirement funds in spot Bitcoin ETFs.
The bill aims to diversify the state’s retirement portfolio by incorporating Bitcoin-backed assets.
On Feb.7, the state of Maryland introduced a new Bitcoin strategic reserve bill—MD House Bill 1309, by Del. Caylin Young.
The bill proposes to establish a state-level strategic Bitcoin reserve that would be funded through gambling violations. The asset forfeitures resulting from violations of Maryland gambling laws would be deposited into the fund.
Montana introduced the Bitcoin reserve bill, MT House Bill 429, which would authorize up to $50 million in investments in digital assets with a $750 billion market cap.
Iowa has introduced a new Bitcoin reserve bill, HF 246, which would permit the investment of up to 5% of public funds in digital assets with a market cap of $750 billion or more.
Currently, Bitcoin is the only asset meeting this criterion. Proposed by Representative Jordan Teuscher, the bill would grant the state treasurer the authority to invest in Bitcoin and stablecoins, pending approval by the House.
New Mexico has entered the race to establish a Bitcoin reserve by introducing Senate Bill 57, which proposes investing 5% of the state’s public funds into Bitcoin.
Senator Anthony Thornton also introduced Senate Bill 275, aiming to make New Mexico the first U.S. state to adopt a Bitcoin reserve strategy.
The state of New York introduced a new bill , NY SB 4728, which aims to establish a task force to study the impact of “the effects of the widespread use of cryptocurrencies.”
It would review crypto companies in NY, impact on tax receipts, environmental impacts, and more.
The state of North Carolina introduced HB 92, which would allow NC to invest 10% of state funds in exchange-traded products of digital assets above the $750b market cap (e.g., Bitcoin ETFs).