Strategic Bitcoin Reserve: Which States Want to Invest in BTC?

Calls to establish a strategic Bitcoin (BTC) reserve in the U.S. have grown louder since the election of Donald Trump as the 47th President of the United States.

It all started when U.S. Senator Cynthia Lummis introduced a bill in the U.S. Senate in July 2024, proposing to buy 1 million Bitcoin tokens over a five-year period.

Empowered by the system of federalism, U.S. states are not waiting — instead proposing strategic Bitcoin reserve bills to be enacted at the state level.

Which U.S. states are considering setting up strategic Bitcoin reserves? Let’s find out.

Table of Contents Table of Contents

1. Key Takeaways
2. Which U.S. States Have Proposed Strategic Bitcoin Reserve Bills?
3. The Bottom Line
4. FAQs
5. References

Show Full Guide

Table of Contents

1. Key Takeaways
2. Which U.S. States Have Proposed Strategic Bitcoin Reserve Bills?
3. The Bottom Line
Show Full Guide
4. FAQs
5. References

Which U.S. States Have Proposed Strategic Bitcoin Reserve Bills?

1. Pennsylvania

Pennsylvania became the first U.S. state to propose a strategic Bitcoin reserve in November 2024. Former Representative Mike Cabell introduced the Pennsylvania Bitcoin Strategic Reserve Act, which will allow the state’s treasury to use up to 10% of state funds to buy Bitcoin.

The state is looking to establish itself as a crypto hub having passed the Digital Assets Authorization Act in 2024 which protects the rights of Pennsylvanians to control and spend digital assets. The bill safeguards Pennsylvania residents’ rights to accept crypto as a source of payment and use self-custodial digital wallets, among others.

JUST IN: #Bitcoin Strategic Reserve Act introduced in Pennsylvania House

"The [Bill] is a visionary step toward securing our state’s financial future"
— State Rep. Mike Cabell. pic.twitter.com/FBmkX4NtZE

— Swan (@Swan) November 14, 2024

2. Texas

The Texas Strategic Bitcoin Reserve Act was introduced by Representative Giovanni Capriglione in December 2024. The bill will allow the state to own Bitcoin as a financial asset and allow Texans to donate Bitcoin to the state voluntarily.

The bill also states that the Bitcoin fund will store all tokens for at least five years before they can be transferred, sold, or converted to another cryptocurrency. If approved, the bill will come into effect on September 1, 2025.

#txlege #letsgo https://t.co/aupHskf1Qr

— Giovanni Capriglione (@VoteGiovanni) December 13, 2024

3. Ohio

In December 2024, Ohio followed Pennsylvania and Texas in introducing a bill to establish a Bitcoin fund in the state treasury.

“The U.S. Dollar is being rapidly devalued, and our State Treasurer should have the authority and flexibility to invest in Bitcoin when determining proper asset allocation. Ohio must embrace technology and protect tax dollars from eroding,” stated State Representative Derek Merrin on December 17, 2024.

??Today, I filed HB 703 to create the Ohio Bitcoin Reserve within the state treasury!

Provides state treasurer authority & flexibility to invest in #Bitcoin

This legislation creates the framework for Ohio’s state government to harness the power of Bitcoin to strengthen our… pic.twitter.com/hSWas2qeQd

— Derek Merrin (@DerekMerrin) December 17, 2024

4. New Hampshire

In early January 2025, State Representative Keith Ammon proposed a bill to enable the state treasury to invest in “precious metals and digital assets.”

The bill identified precious metals as gold, silver, and platinum. According to the bill text seen by Decrypt, the state treasury will look to invest in digital assets with a market capitalization of over $500 million, averaged over the previous calendar year.

At the time of writing, only Bitcoin met the criteria, boasting a market cap of $2.02 trillion. Ethereum (ETH) was the second largest crypto by market cap after BTC, valued at over $385 billion as of January 23, 2025.

BIG BREAKING: A bill to create a ‘Strategic Bitcoin Reserve’ has been introduced in the State of New Hampshire by @RepKeithAmmon. pic.twitter.com/5lAqFpopda

— Dennis Porter (@Dennis_Porter_) January 10, 2025

5. North Dakota

On January 14, 2025, North Dakota introduced a bill to enable the State Treasurer and State Investment Board to invest a portion of the state general fund, budget stabilization fund, and legacy fund in digital assets and precious metals.

Resolution 3001, championed by Representative Nathan Toman, Representative Josh Christy, and Senator Jeff Barta, highlights inflation, diversification, changing economic conditions, and emerging investment opportunities as key reasons to invest in cryptocurrencies and precious metals.

6. Wyoming

Wyoming introduced a bill to authorize state funds and permanent funds to invest in Bitcoin in January 2025.

The bill proposed that the state treasurer invest not more than 3% of the general fund, the permanent Wyoming mineral trust fund, and the permanent land fund in Bitcoin. Bitcoin custody was proposed to be carried out via a secure custody solution, qualified custodian, and exchange-traded products.

Wyoming resident and U.S. Senator Cynthia Lummis, who introduced the Federal-level strategic Bitcoin reserve in July 2024, praised the bill, saying:

“Wyoming took its first bold step toward a strategic Bitcoin reserve! Thank you, Rep. Wasserburger, for introducing legislation to allow permanent funds to diversify into Bitcoin. This forward-thinking approach will benefit our state as we lead the nation in financial innovation!”

7. Massachusetts

In January 2025, Massachusetts joined the strategic Bitcoin reserve revolution by introducing the Commonwealth Bitcoin Strategic Reserve to enable the state treasurer to invest in Bitcoin or digital assets.

The bill stated that, during a fiscal year, the state treasurer may invest not more than 10% of the total money deposited in the Commonwealth Stabilization Fund. The bill added that the treasurer can loan Bitcoin and other cryptocurrencies to generate additional returns for the fund.

Excited to get to work on this legislation! https://t.co/zT6W3JeGZh

— State Senator Peter Durant (@senpeterdurant) January 17, 2025

8. Oklahoma

On January 15, 2025, Representative Cody Maynard introduced the Strategic Bitcoin Reserve Act to allow the state treasurer to invest up to 10% of Oklahoma’s public funds.

Like New Hampshire, Oklahoma’s Bitcoin Reserve bill states that only cryptocurrencies with a market cap above $500 billion on average over the previous calendar year will be considered. The bill adds that the state treasurer can participate in staking using a third-party solution.

If the bill is passed, it will come into effect on November 1, 2025.

“As a decentralized form of money, Bitcoin cannot be manipulated or created by government entities. It is the ultimate store of value for those who believe in financial freedom and sound money principles,” said Representative Maynard.

9. Utah

On January 20, 2025, Utah became the latest state to show interest in establishing a strategic Bitcoin reserve.

State Representative Jordan Teuscher introduced the Blockchain and Digital Innovation Amendments bill, which defined crypto terms, authorized the state treasurer to invest certain public funds in qualifying digital assets, created regulatory requirements for stablecoin investments, and authorized the state treasurer to stake and lend cryptocurrencies.

Thank you, @martypartymusic, for highlighting our efforts! Utah is proud to lead the way in blockchain and digital innovation. This bill reflects our commitment to embracing cutting-edge technology and preparing for the future of finance, while ensuring fiscal sovereignty. https://t.co/4WsPkiBnk0

— Jordan Teuscher (@jordanteuscher) January 21, 2025

The Bottom Line

We can expect more U.S. states to introduce similar measures to hold Bitcoin and other digital assets to diversify their investments and hedge against inflation. According to Samuel Armes, founder of Florida’s largest Bitcoin advocacy organization, the Sunshine State could be next in line to introduce a strategic Bitcoin reserve bill by the first quarter of 2025.

Elsewhere, Michigan and Wisconsin have already seen state-managed pension funds, such as The State of Michigan Retirement System and the State of Wisconsin Investment Board, invest in Bitcoin via spot Bitcoin exchange-traded funds.

FAQs