After Mr. Know-it-all's signature, which states in the U.S. are "obediently" advancing the Bitcoin strategic reserve bill?

Written by: Penny

On April 29, two Arizona Strategic Bitcoin Reserve Bills passed the House of Representatives final vote and will await the signature of Democratic Gov. Katie Hobbs, making Arizona the first state in the U.S. to require public funds to invest in Bitcoin. Among them, bill SB 1373 proposes to establish a strategic reserve fund for digital assets managed by the state treasurer, which can invest up to 10% in digital assets such as bitcoin each fiscal year; SB 1025 allows state treasury and pension systems to invest up to 10% of their available funds in virtual currencies, with a focus 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 has incorporated cryptocurrency into public financial management, reflecting the growing mainstream recognition of digital assets. According to data from the bill tracking site Bitcoin Laws, 26 states in the U.S. have proposed legislation to create Bitcoin reserves, and below is the progress of bills in other states aside from Arizona.

Clearly Supported States

Except for Arizona, where the bill has been passed, the legislative agendas of Texas, Alabama, and Minnesota are also steadily progressing.

Texas

Texas has demonstrated bipartisan support in its 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 $500 billion, and plans to allocate $250 million from the Economic Stabilization Fund. Additionally, the House has proposed HB4258, which further authorizes local governments to invest in cryptocurrencies, showing the comprehensiveness of its legislative framework. Currently, the bill has been submitted to the state's Government Efficiency Delivery Committee, and if it successfully passes both houses of the state legislature and becomes law, it will take effect on September 1 of this year.

Texas has long shown support for cryptocurrency. In 2021, the Texas legislature established the "Texas Working Group" to focus on blockchain development, attracting a large number of Bitcoin mining companies with Texas's 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 has said, "Bitcoin is digital gold, and its limited supply and decentralized nature will be a key asset for Texas in the future." According to Bitcoin Magazine, there are currently 8 bills proposed in Texas related to Bitcoin or cryptocurrencies, and of these eight bills, HB4258 is the fifth bill to be submitted to the committee for consideration, and four bills, including the current one (HB4258, HB1598, SB21, and SB778) all require Texas to establish a strategic Bitcoin reserve.

Alabama

Alabama Republican Senator April Weaver submitted Senate Bill 283 (SB 283) in early April, alongside House Bill 482 (HB 482) proposed since March 2025, indirectly locking Bitcoin as a reserve asset by setting a threshold of "market capitalization of $750 billion" (currently only Bitcoin qualifies). Additionally, crypto assets must be directly managed by the state treasurer 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 No. 2946 (HF 2946) on April 1, 2025, known as the Minnesota Bitcoin Act. The corresponding Senate Bill SF 2661 was submitted since March 2025. The two bills are identical, allowing the state investment board to allocate public funds to Bitcoin, accept BTC as a payment method for taxes and government transactions, and amend 12 existing laws, including tax codes, retirement plans, and investment regulations to integrate cryptocurrency. If the bill passes, it will take effect on January 1, 2026.

Steadily advancing the state

New Hampshire

The bill from New Hampshire is HB302, proposed by Republican representative Keith Ammon, and it has bipartisan support. The bill allows the state treasurer to invest up to 5% of state public funds (based on the general fund, revenue stabilization fund, etc.) in eligible digital assets or precious metals (such as gold and silver), with the initial proposal being 10%, which was later reduced to 5% due to safety considerations. On April 10, 2025, the bill passed the full House vote with 192 votes in favor and 179 votes against. State treasurer Monica Meza-Pel stated that if the bill takes effect, a pilot investment will be initiated, with an initial scale of up to $180 million.

Ohio

Senator Sandra O'Brien introduced the Ohio Bitcoin Reserve Act SB57 on January 28, 2025, authorizing state finances to invest directly in Bitcoin, requiring Bitcoin to be held for at least five years and requiring state agencies to accept cryptocurrency payments. State residents, institutions, and universities are also allowed 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 still under review by the committee with no further progress.

Utah

In early 2025, Utah State Representative Jordan Teuscher introduced a bill named HB0230, the "Blockchain and Digital Innovation Amendments," on January 21. The bill initially allowed the state treasurer to invest up to 10% of public funds in digital assets, including Bitcoin, non-fungible tokens (NFTs), and stablecoins, subject to conditions such as regulatory approval, market capitalization, and liquidity. On March 10, 2025, the Utah Senate passed HB0230 but removed the key provision allowing state treasury investment in Bitcoin, instead providing residents with custody protection for their digital assets, rights to mine, operate nodes, and participate in staking.

The provision for states to invest directly in Bitcoin was removed, reflecting lawmakers' concerns about market risk. Senator Kirk A. Cullimore said at the March 7 meeting that the removal of the reserve clause was due to "many concerns about the early adoption of these policies." So far, Utah has not established a state-level bitcoin reserve, but has shifted its legislative focus to the regulation and innovation protection of digital assets.

Florida

The HB 487 bill in Florida was introduced in February 2025, allowing the state CFO and the state administration committee to invest up to 10% of public funds, including the general revenue fund and budget stabilization fund, in Bitcoin. On April 10, it entered the government operations subcommittee for review with unanimous support from the House Insurance and Banking Subcommittee (no opposition). It is currently in the review stage of the government operations subcommittee, and no further progress has been made.

In addition, there are Bitcoin reserve bills being proposed or advanced in 13 states, including Iowa, Missouri, Georgia, Illinois, Kansas, Kentucky, Maryland, Massachusetts, Michigan, New Mexico, North Carolina, Rhode Island, and West Virginia, which have not yet been explicitly rejected or shelved.

Negation Suspension State

Oklahoma

Oklahoma Cody Maynard introduced Bill HB1203 on January 15, 2025, which aims to allow state reserve funds and pension funds to invest up to 5% in Bitcoin and other digital assets. On March 25, the bill passed the House of Representatives by a vote of 77-15 and was transferred to the Senate. However, the bill was rejected by the Senate Tax and Revenue Committee on April 15 by a vote of 6 to 5, and there is no sign of further progress.

Montana

On January 31, 2025, a Montana state legislator introduced Bill HB 429, proposing to allow the state to invest up to $50 million in Bitcoin, digital assets, stablecoins, and precious metals as a diversification of state finances. However, the bill was defeated in the House on February 21 by a vote of 59 to 41, failing to pass the first round of voting, with no signs indicating it would be revived. Montana's legislative efforts regarding Bitcoin reserves have come to a close.

Pennsylvania

Pennsylvania representatives Mike Cabell and Aaron Kaufer introduced HB 2664 on November 14, 2024, allowing the state treasurer to invest up to 10% of Pennsylvania's general fund, rainy day fund, and state investment fund in Bitcoin and cryptocurrency-based exchange-traded products, potentially involving investments of up to $970 million. However, according to reports on March 2, 2025, the bill was "effectively terminated" during the legislative process and has not advanced further, with no current indication of a possible revival.

North Dakota

North Dakota representatives Nathan Toman, Josh Christy, and Senator Jeff Barta jointly proposed a strategic Bitcoin reserve bill on January 11, 2025. The bill aims to allow the state treasury to invest in Bitcoin, but the specific investment ratio and details have not been clarified. However, the bill has not been able to move forward, legislative efforts have failed, and there are no signs of a restart, marking a pause in North Dakota's legislative efforts regarding Bitcoin reserves.

South Dakota

South Dakota legislators delayed a bill on February 25, 2025, that could allow the state to adopt Bitcoin as a strategic reserve asset. The specific details of the bill were not clarified, but it aimed to permit state finances to invest in Bitcoin. The reason for the delay was the excessive volatility of Bitcoin prices, and the bill has now been terminated with no possibility of further advancement.

Wyoming

On January 18, 2025, a bill was introduced, supported by Wyoming Senator Cynthia Lummis, to introduce HB0201. This bill allows the state treasurer to invest up to 3% of general funds, permanent mineral trust funds, and permanent land funds in Bitcoin, which can be done through direct purchases or using regulated Bitcoin exchange-traded products, and requires annual reports to ensure transparency. However, the bill has not progressed further and is classified as a failed bill, marking the end of legislative efforts.

Arizona's breakthrough has set a benchmark for U.S. states, followed by Texas, Alabama, and others that are passing legislation to include Bitcoin in the public finance framework, with the aim of diversifying asset risk and seizing opportunities in the digital economy. States that have vetoed the creation of bitcoin reserves due to the high risk of crypto volatility and the difficulty of regulation, as well as other states that are moving forward with the process, may also change the bellwether because of Arizona's first step. Despite the multiple challenges, Bitcoin's position as "digital gold" is being gradually consolidated through local legislation, and it remains to be seen whether it can become a mainstream reserve asset, but there is no doubt that crypto is becoming more and more accepted by the mainstream, and the road ahead will be wider and wider.