On April 29, two bills of the "Arizona Strategic Bitcoin Reserve Act" successfully passed the final vote in the House of Representatives and are awaiting signature by Democratic Governor Katie Hobbs, making Arizona the first state in the United States to require public funds to invest in Bitcoin. Among them, bill SB 1373 proposes establishing a digital asset strategic reserve fund managed by the state treasurer, with up to 10% of funds invested in digital assets such as Bitcoin per fiscal year; bill SB 1025 allows the state treasury and retirement system to invest up to 10% of available funds in virtual currencies, focusing on Bitcoin.
At the federal level, Trump signed an executive order in March requiring the establishment of a strategic Bitcoin reserve and digital asset inventory. The Arizona state government's inclusion of cryptocurrencies in public financial management reflects the growing mainstream acceptance of digital assets. According to data from the Bitcoin Laws tracking website, 26 states in the United States have proposed bills to create Bitcoin reserves, and the following is the progress of bills in other states besides Arizona.
States with Clear Support
In addition to Arizona, which has passed the bill, the legislative agendas of Texas, Alabama, and Minnesota are also steadily progressing.
Texas
Texas has shown bipartisan support in Bitcoin reserve legislation. The Senate has passed the "Strategic Bitcoin Reserve Act" (SB-21), allowing the use of public funds to purchase Bitcoin and other high-market-cap cryptocurrencies, with a target holding size of $50 billion, and plans to allocate $250 million from the economic stabilization fund. Additionally, the House bill HB4258 further authorizes local governments to invest in cryptocurrencies, demonstrating the comprehensiveness of its legislative framework. Currently, the bill has been submitted to the state's Government Efficiency and Delivery Committee, and if successfully passed by both houses, it will take effect on September 1 this year.
Texas has shown support for cryptocurrencies early on. In 2021, the Texas legislature established the "Texas Working Group" focused on blockchain development and attracted numerous Bitcoin mining enterprises with its abundant and cheap energy. For example, the Whinstone facility operated by Riot Blockchain in Rockdale has become the largest single Bitcoin mining center in North America.
Lieutenant Governor Dan Patrick stated: "Bitcoin is digital gold, and its limited supply and decentralized nature will become a key asset for Texas's future." According to Bitcoin Magazine, Texas currently has 8 bills related to Bitcoin or cryptocurrencies proposed, with HB4258 being the fifth bill submitted to the committee. Four bills (HB4258, HB1598, SB21, and SB778) require Texas to establish a strategic Bitcoin reserve.
Alabama
Alabama Republican Senator April Weaver submitted Senate Bill 283 (SB 283) in early April, along with House Bill 482 (HB 482) proposed since March 2025, indirectly locking Bitcoin as a reserve asset by setting a market cap threshold of $75 billion (currently only Bitcoin meets this). Crypto assets must be directly managed by the state financial director and cannot exceed 10% of the state budget. If the bill passes, it will take effect on October 1, 2025.
Minnesota
Minnesota Republican Representative B. Olson submitted House Bill 2946 (HF 2946) on April 1, 2025, known as the Minnesota Bitcoin Bill. The corresponding Senate Bill SF 2661 was submitted in March 2025. These two bills are identical, allowing the state investment committee to allocate public funds to Bitcoin, accept BTC as tax and government transaction payments, and modify 12 existing laws, including tax numbers, retirement plans, and investment regulations. If the bill passes, it will take effect on January 1, 2026.
States Steadily Advancing
New Hampshire
New Hampshire's bill HB302, proposed by Republican Representative Keith Ammon and supported by both parties, allows the state financial director to invest up to 5% of state public funds (based on general funds, income stabilization funds, etc.) in qualifying digital assets or precious metals (such as gold and silver). The initial proposal was 10%, but it was reduced to 5% due to safety considerations. On April 10, 2025, the bill passed the House full vote with 192 votes in favor and 179 against. State Financial Director Monica Mezapel stated that if the bill takes effect, a pilot investment will be initiated, with an initial scale of possibly $180 million.
Ohio
Senator Sandra O'Brien proposed the Ohio Bitcoin Reserve Bill SB57 on January 28, 2025, authorizing direct state treasury investment in Bitcoin, requiring Bitcoin to be held for at least five years, and mandating state agencies to accept cryptocurrency payments. It also allows state residents, institutions, and universities to donate Bitcoin to the reserve fund. On January 29, it was submitted to the Senate Committee on Financial Institutions, Insurance, and Technology, and is currently still under committee review with no further progress.
Utah
In early 2025, Utah State Representative Jordan Teuscher proposed the "Blockchain and Digital Innovation Amendment" HB0230 on January 21, initially allowing the state treasurer to invest up to 10% of public funds in digital assets, including Bitcoin, Non-Fungible Tokens, and stablecoins, subject to regulatory approval, market capitalization, and liquidity conditions. On March 10, 2025, the Utah Senate passed HB0230 but deleted the key clause allowing state treasury investment in Bitcoin, instead providing residents with digital asset custody protection, mining rights, node operation, and staking participation.
The deletion of direct state Bitcoin investment provisions reflects legislators' concerns about market risks. Senator Kirk A. Cullimore stated in the March 7 meeting that removing the reserve provisions was due to "many concerns about the early adoption of these policies". Currently, Utah has not established a state-level Bitcoin reserve and has shifted its legislative focus to digital asset regulation and innovation protection.
Florida
Florida's HB 487 bill was proposed in February 2025, allowing the state's Chief Financial Officer and State Administrative Committee to invest up to 10% of public funds, including general revenue funds and budget stabilization funds, in Bitcoin. On April 10, it passed the House Insurance and Banking Subcommittee with unanimous support (no opposing votes) and entered the Government Operations Subcommittee review. It is currently under review by the Government Operations Subcommittee with no further progress.
In addition, 13 states including Iowa, Missouri, Georgia, Illinois, Kansas, Kentucky, Maryland, Massachusetts, Michigan, New Mexico, North Carolina, Rhode Island, and West Virginia have Bitcoin reserve bills in the process of being proposed or advanced, and have not been explicitly rejected or shelved.
States Rejecting or Shelving
Oklahoma
Oklahoma's Cody Maynard proposed HB1203 on January 15, 2025, aimed at allowing state reserve and retirement funds to invest in Bitcoin and other digital assets, up to 5%. On March 25, the bill passed the House with a 77:15 vote and was transferred to the Senate. However, on April 15, it was rejected by the Senate Tax and Revenue Committee with a 6-5 vote, and the bill failed, with no indication of further advancement.
Montana
On January 31, 2025, Montana state legislators proposed HB 429, suggesting allowing the state to invest up to $50 million in BTC, digital assets, stablecoins, and precious metals as a diversified fiscal investment. However, the bill was rejected on February 21 in the House with a vote of 59 to 41, failing to pass the first round of voting, with no indication of revival. Montana's legislative efforts for BTC reserves have come to an end.
Pennsylvania
Pennsylvania representatives Mike Cabell and Aaron Kaufer proposed HB 2664 on November 14, 2024, allowing the state treasurer to invest up to 10% of the state's general fund, rainy day fund, and state investment fund in BTC and crypto-based exchange-traded products, potentially involving investments of up to $970 million. However, according to a report on March 2, 2025, the bill was "effectively terminated" in the legislative process, unable to advance further, with no current possibility of revival.
North Dakota
North Dakota representatives Nathan Toman, Josh Christy, and Senator Jeff Barta jointly proposed a strategic BTC reserve bill on January 11, 2025. The bill aimed to allow state fiscal investment in BTC, but specific investment proportions and details were not clear. Currently, the bill has failed to advance, and there are no signs of restart, marking the end of North Dakota's legislative efforts for BTC reserves.
South Dakota
On February 25, 2025, South Dakota legislators postponed a bill that might have allowed the state to adopt BTC as a strategic reserve asset. While specific details were unclear, the bill aimed to allow state fiscal investment in BTC. The postponement was due to BTC's high price volatility. The bill is now terminated, with no further possibility of advancement.
Wyoming
On January 18, 2025, a bill was introduced, supported by Wyoming Senator Cynthia Lummis, HB0201, which would allow the state treasurer to invest in BTC up to 3%, including general funds, permanent mineral trust funds, and permanent land funds. Investments could be made through direct purchases or regulated BTC exchange-traded products, with annual reporting required for transparency. However, the bill currently shows no further progress and is considered a failed legislative effort.
Arizona's breakthrough has set a benchmark for U.S. states, with Texas, Alabama, and others following suit by legislatively incorporating BTC into public financial frameworks, aiming to diversify asset risks and seize digital economic opportunities. States previously rejecting BTC reserves due to cryptocurrency volatility and regulatory challenges, as well as those in ongoing processes, may shift their stance because of Arizona's first step. Despite multiple challenges, BTC's positioning as "digital gold" is gradually being consolidated through local legislation. Whether it can become a mainstream reserve asset remains to be seen, but it is undeniable that crypto is increasingly being accepted by the mainstream, and its future path will continue to broaden.
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