State Bitcoin Reserves: Where U.S. States Stand on Crypto Adoption
Key Points:
- 19 states have pending proposals for a Strategic Bitcoin Reserve (SBR), while 2 states are actively considering similar measures.
- 7 states have already implemented a Strategic Bitcoin Reserve, with 2 states maintaining partial reserves.
- 5 states have rejected Bitcoin reserve bills, citing concerns over volatility and regulatory uncertainty.
The Strategic Bitcoin Reserve (SBR) movement aims to position Bitcoin as a financial hedge for state governments, ensuring stability during economic downturns.
States considering this initiative propose allocating a percentage of their reserves, often called “rainy day funds,” into Bitcoin.
By using a portion of these funds to acquire Bitcoin through a Strategic Bitcoin Reserve, states hope to capitalize on Bitcoin’s long-term appreciation while maintaining financial security.
States with Pending Strategic Bitcoin Reserve Proposals (19 States)
New Hampshire
- Status: Proposed (1/12/2025)
- Rainy Day Fund Bitcoin Allocation: 3,808 BTC
- Legislation: RSA 6:8-d
- New Hampshire proposes allowing state treasury investments in Bitcoin and precious metals, requiring secure custody solutions and regulatory oversight.
Massachusetts
- Status: Proposed (1/18/2025)
- Rainy Day Fund Bitcoin Allocation: 110,642 BTC
- Legislation: HD.3762, SD.2422, SD.422
- Massachusetts has multiple bills aiming to authorize Bitcoin investments for fiscal resilience and state treasury stability.
Maryland
- Status: Proposed (2/7/2025)
- Rainy Day Fund Bitcoin Allocation: 25,308 BTC
- Legislation: HB1389
- Establishes the Maryland Bitcoin Reserve Fund and allows the State Treasurer to invest gambling violation funds into Bitcoin.
North Carolina
- Status: Proposed (2/10/2025)
- Rainy Day Fund Bitcoin Allocation: 48,479 BTC
- Legislation: HB 92
- Introduces a framework for digital asset investment, focusing on state treasury security and structured regulation.
West Virginia
- Status: Proposed (2/14/2025)
- Rainy Day Fund Bitcoin Allocation: 15,763 BTC
- Legislation: SB 465
- Allows investment in Bitcoin and precious metals with provisions for secure custody and staking.
Ohio
- Status: Proposed (2/7/2025)
- Rainy Day Fund Bitcoin Allocation: 47,424 BTC
- Legislation: SB 57, HB 18
- Ohio’s proposal includes direct Bitcoin investments by the state and requiring state entities to accept Bitcoin payments.
Michigan
- Status: Proposed (2/13/2025)
- Rainy Day Fund Bitcoin Allocation: 26,131 BTC
- Legislation: HB 4087
- Creates a Bitcoin reserve fund within the state treasury with secure custody standards.
Kentucky
- Status: Proposed (2/7/2025)
- Rainy Day Fund Bitcoin Allocation: 55,112 BTC
- Legislation: HB 376
- Establishes a state investment framework for digital assets, excluding Central Bank Digital Currencies (CBDCs).
Illinois
- Status: Proposed (1/28/2025)
- Rainy Day Fund Bitcoin Allocation: 22,990 BTC
- Legislation: HB 1844
Iowa
- Status: Proposed (2/8/2025)
- Rainy Day Fund Bitcoin Allocation: 9,300 BTC
- Legislation: HF 246
Alabama
- Status: Proposed (12/14/2024)
- Rainy Day Fund Bitcoin Allocation: 38,218 BTC
Georgia
- Status: Proposed (2/13/2025)
- Rainy Day Fund Bitcoin Allocation: 66,339 BTC
- Legislation: SB 178
Florida
- Status: Proposed (2/7/2025)
- Rainy Day Fund Bitcoin Allocation: 53,899 BTC
- Legislation: SB 550
Texas
- Status: Proposed (1/16/2025)
- Rainy Day Fund Bitcoin Allocation: 288,513 BTC
- Legislation: SB 778, HB 1598
Oklahoma
- Status: Proposed (1/29/2025)
- Rainy Day Fund Bitcoin Allocation: 24,645 BTC
- Legislation: HB 1203, SB 325
Kansas
- Status: Proposed (1/16/2025)
- Rainy Day Fund Bitcoin Allocation: 21,353 BTC
- Legislation: SB 34
New Mexico
- Status: Proposed (2/4/2025)
- Rainy Day Fund Bitcoin Allocation: 43,053 BTC
- Legislation: SB275
States with Active Strategic Bitcoin Reserves (7 States)
While no U.S. state has fully implemented a large-scale Bitcoin reserve program, a few states have actively allocated funds to Bitcoin or integrated digital assets into their financial strategy. Below are the states with an active Strategic Bitcoin reserve, per bitcoinreservemonitor data.
Texas
Texas was one of the first states to explore Bitcoin reserves, with House Bill 1598 proposing the establishment of a state-managed Bitcoin fund. The Texas State Board of Education also invested a portion of its Permanent School Fund in Bitcoin ETFs, making it one of the first official state-backed Bitcoin investments.
Wyoming
Wyoming has passed multiple crypto-friendly laws, including legislation allowing treasuries and pension funds to hold Bitcoin. The state has also launched a pilot program to test Bitcoin reserves for state-backed financial instruments.
Florida
Florida’s leadership, including Governor Ron DeSantis and CFO Jimmy Patronis, has publicly supported Bitcoin adoption in state finances. The SB 550 proposal aims to expand Bitcoin holdings, but Florida has already permitted limited digital asset transactions for state services.
Ohio
Ohio was the first U.S. state to allow businesses to pay taxes in Bitcoin. While the program was suspended in 2019, new legislation has reintroduced efforts to integrate Bitcoin into state financial systems, making Ohio an early adopter of Bitcoin-based government services.
New Hampshire
Summary: New Hampshire’s legislature has proposed allowing state treasury investments in Bitcoin and precious metals, and the state has already tested small-scale Bitcoin reserves as part of its investment strategy.
Georgia
Georgia’s State Depository Board authorized Bitcoin investment for state treasuries, making it one of the first formal approvals for Bitcoin reserves at a state level.
Alaska
Alaska has explored Bitcoin mining incentives and held limited Bitcoin reserves as part of its Permanent Fund investment strategy, making it one of the few states with direct exposure to Bitcoin.
States with Partial Strategic Bitcoin Reserves (2 States)
Some states have partially implemented Bitcoin reserves, either through pilot programs or limited investments:
- Utah (HB 230 passed the House but still requires Senate approval)
- Arizona (SB 1025 advancing through legislative committees)
States That Have Rejected Bitcoin Reserve Bills (5 States)
These states have rejected Bitcoin reserve bills, citing concerns over volatility, lack of regulatory clarity, or risks associated with digital asset custody:
- Pennsylvania (HB 2664 rejected)
- South Dakota (HB 1202 failed in committee)
- North Dakota (HB 1184 rejected)
- Montana (HB 429 failed in House)
- Wyoming (HB 201 did not pass)
The Future of State Bitcoin Reserves
As states look for ways to preserve purchasing power, hedge against inflation, and diversify their financial reserves, Bitcoin is emerging as a key asset in state-level financial strategies.
The Bitcoin Reserve Monitor continues to track state-level adoption, while federal initiatives such as the U.S. Strategic Bitcoin Reserve push the country toward a more structured approach to digital asset integration.
As more states pass Bitcoin reserve laws, the U.S. may soon see widespread adoption of Bitcoin at the state level, setting a new precedent for government-backed cryptocurrency reserves.
