US States Push for Bitcoin Reserves
Three states—New Hampshire, Arizona, and Texas—have successfully passed laws enabling their treasuries to hold Bitcoin. Meanwhile, efforts in other states have stumbled due to concerns over volatility and the safety of public funds. Proposals are still pending in 17 more states, as crypto advocates push for wider adoption.
New Hampshire: First to Adopt
New Hampshire made history by becoming the first U.S. state to formally adopt a Bitcoin reserve law with the passage of HB 302. Signed by Governor Kelly Ayotte, the law allows the state to allocate up to 5% of public funds into precious metals and digital assets. However, digital assets must meet strict requirements, including an average market capitalization of at least $500 billion over the past year, leaving Bitcoin as the only viable option.
Arizona: A Rocky Road
Arizona’s journey toward Bitcoin reserves has been marked by legislative back-and-forth. The state passed HB 2749, updating unclaimed property laws to allow crypto assets to be held in their original form. However, two more ambitious bills—SB 1025 and HB 2324—were vetoed by Governor Katie Hobbs, who cited concerns over untested investments and disincentivizing local law enforcement.
Texas: Aggressive Adoption
Texas stands out as the most aggressive adopter of Bitcoin reserve legislation. Governor Greg Abbott signed Senate Bill 21 and House Bill 4488 into law, establishing the Texas Strategic Bitcoin Reserve. The law allows Bitcoin to enter the reserve through purchases, forks, airdrops, or donations, but only if the digital asset has a market capitalization of at least $500 billion over 24 months.
States That Rejected Bitcoin Reserves
Several states, including Montana, South Dakota, and Utah, attempted but failed to pass similar initiatives. Lawmakers cited concerns over Bitcoin’s price volatility, potential legal liability, and the long-term viability of crypto as a reserve asset.
Pending Legislation
Proposals are still under consideration in 17 states, including Florida, Georgia, and Ohio, as the push for Bitcoin reserves continues to gain momentum across the U.S.
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