Donald Trump and his political allies are plugging away at plans to stockpile Bitcoin at a national level in the U.S. Treasury.
And now, with the asset’s price repeatedly soaring to new peaks since Election Day, some U.S. states are following suit.
So far, nine states are fielding proposals to establish strategic Bitcoin reserves, while digital asset advocates are calling for other local governments to do the same.
Here’s which states are considering topping up their coffers with the world’s oldest and most valuable digital currency.
Texas
Texas legislators will soon weigh in on whether or not they should establish a strategic Bitcoin reserve.
Texas State Representative Giovanni Capriglione proposed a bill in December 2024 that calls for the Lone Star State to create a Bitcoin stockpile.
The draft legislation stipulates that Texas must hold the Bitcoin for at least five years. The cryptocurrency must be kept in cold storage—that is, on some kind of a device that is not connected to the internet—and the assets cannot be used to make transactions outside of Texas, according to the bill.
“A strategic Bitcoin reserve aligns with Texas’s commitment to fostering innovation in digital assets and providing Texans with enhanced financial security,” the bill reads.
Finally, the proposal also enables Texans to donate to the state’s Bitcoin fund.
Pennsylvania
The Pennsylvania House of Representatives put forth a bill in November 2024 that called for the establishment of a strategic Bitcoin reserve.
Under the Bitcoin bill, Pennsylvania’s Treasurer would be able to buy Bitcoin with “up to 10%” of the State General Fund, Rainy Day Fund, and the State Investment Fund.
Tapping 10% of the State General Fund would allow the Pennsylvania Treasury to purchase nearly $1 billion worth of Bitcoin.
“Bitcoin, which has appreciated significantly over the years, can help Pennsylvania keep pace with inflation and economic change,” the state’s lawmakers said in a legislative memo published on November 12.
Ohio
Ohio State Representative Derek Merrin on December 17, 2024 proposed a bill to establish a strategic Bitcoin reserve in the Buckeye State.
The Ohio Bitcoin Reserve Act calls for the creation of a Bitcoin fund in the state Treasury. It also vests Ohio’s State Treasurer with discretionary power to purchase the asset.
“Ohio must embrace technology and protect tax dollars from eroding,” Merrin said Tuesday in an X post.
Although some details of how the reserve will work remain unclear, the draft legislation is expected to serve as a framework for Ohio lawmakers to build out in 2025.
New Hampshire
New Hampshire Rep. Keith Ammon set forth a bill on January 10, 2025 to enable the state’s Treasury to invest in Bitcoin. While Bitcoin is not mentioned by name in the bill, it’s the only cryptocurrency that would currently be eligible based on the high market cap requirements.
“We’re tied to the U.S. dollar, whether we like it or not, but this would allow us to have the state invest a small portion into this uncorrelated, new asset class,” Ammon told Decrypt.
Under the bill, New Hampshire’s treasurer would also have the authority to engage in “lending or staking” practices.
“The state that is last to build Bitcoin reserves will lose,” Ammon added. “It’s urgent that states act sooner than later, and that takes some education on the part of state officials.”
Wyoming
In January, five Republican senators put forth a bill that would permit Wyoming’s State Treasury to invest public funds in Bitcoin.
Up to 3% of several state funds could be invested in Bitcoin, according to the proposal. Those include the Wyoming Treasury’s general fund, the permanent Wyoming mineral trust fund, and the permanent land fund.
Under the bill, the Bitcoin would be held by the state treasurer through a secure custody solution, directly by a qualified custodian, or through investing in an ETF.
Massachusetts
In January, Massachusetts Senator Peter Duran submitted a bill to establish a strategic Bitcoin reserve in the state’s Treasury.
Under the proposal, up to 10% of Massachusetts’ rainy day fund could be invested in Bitcoin or another cryptocurrency. The draft legislation calls for the tokens to be held through a secure custody solution, by a qualified custodian, or in an ETF issued by an investment company.
The bill also supports the loaning of that Bitcoin or digital assets for the purpose of generating additional returns for the state, if it can be done “without increasing the financial risk to the commonwealth.”
Oklahoma
Oklahoma Rep. Cody Maynard put forward a bill in January that calls for the state Treasury to invest public funds in any digital asset that has averaged greater than a $500 billion market capitalization over the previous calendar year. The only cryptocurrency that fits that criteria, as of this writing, is Bitcoin.
The bill would also allow the state’s treasurer to purchase asset-backed stablecoins. Under the draft legislation, only up to 10% of the total amount of public funds in a given state account can be invested in digital assets, however.
Utah
Utah joined the growing trend on January 20, with Representative Jordan Teuscher introducing the “Blockchain and Digital Innovation Amendments” bill (H.B. 230). If passed, it would enable the state treasury to put up to 10% of its funds towards eligible crypto assets, with funds pulled from multiple accounts—including those tied to disaster recovery and Medicaid growth.
Like some other bills on this list, Utah would require an asset to have a market cap of at least $500 billion averaged over 12 months—and while the bill doesn’t explicitly mention Bitcoin, it’s the only crypto asset that currently meets that demand.
Illinois
Rep. John Cabello introduced in January a bill that would establish a strategic Bitcoin reserve fund in Illinois.
The proposal calls for Illinois’ State Treasurer to manage the fund, which would hold Bitcoin deposits for a minimum of five years. After that point, the state would be allowed to “transfer, sell, appropriate, or convert to another cryptocurrency any Bitcoin in the fund,” according to the bill.
The bill also allows Illinois to accept Bitcoin-denominated gifts, grants, and donations from its residents and governmental entities.
Under the draft legislation, regular audits and biennial reports would be conducted. The write-ups would detail the total amount of Bitcoin in the fund and its U.S. dollar equivalent, in addition to disclosing any security risks to the reserve
Maryland
Maryland General Assembly Delegate Caylin Young has introduced a legislative measure calling for the state to set up a strategic Bitcoin reserve.
If approved, the Strategic Bitcoin Reserve Act of Maryland would allow the State Treasurer to invest funds seized from gambling violations into Bitcoin, according to the bill’s text.
Kentucky
Kentucky lawmakers are fielding legislation to invest some public funds into crypto assets.
The bill calls for the state to invest retirement funds into cryptocurrencies with market caps of more than $750 million — a threshold which only Bitcoin meets.
The investment would be made directly by Kentucky’s State Investment Commission or its designee through a secure custody solution; on behalf of the state by a qualified custodian; or in the form of an exchange-traded product.
Meanwhile, another bill filed in Kentucky seeks to obstruct the adoption of central bank digital currencies, a type of centrally issued virtual token that is heavily opposed by many cryptocurrency aficionados.
Utah
Utah lawmakers are considering whether to pass a bill that calls for the State Treasuer to invest public funds into digital assets.
Under the bill, those funds would be directed into stablecoins or cryptocurrency with a market cap of more than $500 billion. The only cryptocurrency that presently fits the bill’s requirements would be Bitcoin, however.
The draft legislation also authorizes the State Treasurer to stake and lend digital assets under specific conditions.
To stake crypto, the State Treasurer must retain legal ownership of any assets it stakes and conduct the staking through a third-party solution. Meanwhile, the bill stipulates that the State Treasurer may only loan qualifying digital assets that do not pose financial risk to the state and complies with a series of “rules established by the treasurer.”
While the draft legislation has passed the Utah House of Representatives, it still must clear the Senate. If passed, the bill would take effect on May 7, 2025.
New Mexico
On February 4, New Mexico State Senator Anthony L. Thornton introduced the Strategic Bitcoin Reserve Act (SB275), which would allocate 5% of public funds to invest in Bitcoin. If passed, the proposed bill would take effect on July 1.
Alabama
Alabama State Auditor Andrew Sorrell has championed creating a strategic Bitcoin reserve at the state level.
The framework would be modeled after the federal American Strategic Bitcoin Reserve, Sorrell told conservative news website 1819 News last December. It would call for Alabama to “dollar-cost-average [its] way in over a period of 2 years.”
“Bitcoin just crossed over $100,000 recently, so buying into a bull market may not be the best timing,” Sorrell told the outlet. “A better strategy is monthly purchases over a 2-year period that average out your entry price.”
As of writing time, Alabama lawmakers have not filed a bill to establish a strategic Bitcoin reserve in the state, however.
Arizona
Arizona lawmakers have advanced a bill that would encourage the state to invest public funds and pensions in Bitcoin.
Under the proposal, Arizona officials are called to “monitor the developments in [spot] Bitcoin exchange-traded funds and other digital asset exchange-traded funds,” and “consider the implications of including such assets [and ETFs holding the assets] in their investment portfolios.”
The draft legislation also calls for the a report on the “feasibility, risk and potential benefits of directing a portion of state retirement system monies into digital asset exchange-traded funds.”
Finally, the report would include three options and recommendations for how Arizona might safely invest in digital assets.
Failed legislation
North Dakota
North Dakota legislators put forth a resolution on January 10, 2025 to invest selected state funds in digital assets.
No specific assets were mentioned in the brief resolution, but North Dakota Legislative Council Director John Bjornson told Decrypt that such definitions would be “more appropriate for a bill.”
But that won’t be happening—at least for now—as the proposal was rejected on February 4.
Edited by Andrew Hayward
Editor’s note: This story was originally published on December 21, 2024 and last updated with new details on February 9, 2025.
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