Race to Bitcoin Reserves: Which US States Are Taking the Lead

Key Takeaways

• Several U.S. states are pushing to create strategic Bitcoin reserves, with some considering other digital assets.
• Most states have proposed allocating 10% of their funds to Bitcoin reserves.
• The move reflects growing support for Bitcoin amid broader crypto adoption.

While the U.S. presidential crypto committee is still deliberating on creating a strategic reserve that includes a mix of U.S.-based crypto tokens or a Bitcoin -only reserve, state governments have been clear in their direction.

Over the past few months, several states have proposed or passed bills to create state-level Bitcoin (BTC) reserves, with a few also considering including other digital assets.

Bitcoin Legislation Gains Traction Across U.S. States

Across the U.S., momentum for Bitcoin-backed state treasuries is growing.

Twenty-eight states have proposed allocating public funds to Bitcoin, with 18 actively progressing through legislative channels.

Fifteen have advanced to the House of Representatives, where committees are refining the legal framework for state-held Bitcoin reserves.

However, not all proposals are moving forward. Five states have seen their bills rejected in committee, while in four others, the initiatives have stalled with no further action.

With more states considering direct Bitcoin exposure, the movement toward state-level adoption is gaining momentum.

If successful, these efforts could mark a significant shift in public finance, positioning Bitcoin as a legitimate treasury asset at the state level.

Bitcoin Reserve Progress

Here’s a breakdown of key states working to establish state-level BTC reserves.

Passed

North Carolina Bitcoin Bill Moves Forward

North Carolina lawmakers introduced two Bitcoin reserve bills that proposed investing up to 10% of state funds in exchange-traded products tied to digital assets with a market cap above $750 billion—namely, Bitcoin ETFs.

Of the two, House Bill 92 has made the most progress . It recently cleared the House Pensions and Retirement Committee but still needs to pass through three more committees before it can head to a floor vote. The second bill has not yet moved beyond the introduction stage.

Kentucky Becomes First to Enact ‘Bitcoin Rights’ Law

Kentucky has officially become the first U.S. state to enshrine legal protections for Bitcoin users.

House Bill 701, now signed into law, protects individual custody rights, exempts those running Bitcoin nodes from money transmitter licensing, and blocks the imposition of new taxes on digital asset payments.

The move further solidifies Kentucky’s reputation as one of the most crypto-forward states in the country.

Arizona’s Bitcoin Reserve Bill Nears Final Vote

Arizona’s Bitcoin Reserve Bill (SB 1373) has passed the House Committee of the Whole, with only a minor amendment. It now moves to its third reading and final floor vote.

However, its future remains uncertain. Governor Katie Hobbs has vowed to veto all legislation until lawmakers approve a bill addressing disability services funding.

That political standoff could derail the Bitcoin Reserve Bill—even if it passes the House.

Failed

Oklahoma Bitcoin Reserve

Oklahoma took a notable step toward Bitcoin adoption when its House passed the Strategic Bitcoin Reserve Bill (HB 1203) in a 77–15 vote, signaling growing interest in integrating Bitcoin into public finance strategies.

The bill positioned Oklahoma among a growing list of states, including Texas, Arizona, and Utah, exploring Bitcoin reserves as part of their public finance strategy.

However, the momentum didn’t carry through. The bill failed to pass the Senate Revenue and Taxation Committee, losing in a narrow 6–5 vote—despite testimony in support from sponsor Sen. Brian Guthrie. Both Republicans and Democrats opposed the measure.

Pennsylvania

Pennsylvania was among the first states to introduce a Bitcoin reserve bill as early as November 2024.

The Bitcoin Strategic Reserve Act would have allowed the state to allocate up to 10% of its general fund , investment fund, and rainy day fund to Bitcoin.

However, the bill failed to pass the committee review process and is now dead.

North Dakota

North Dakota introduced three Bitcoin and crypto investment bills, two of which have failed, while one proposal is currently under committee review.

Wyoming

On Jan. 18, five Republican senators in Wyoming filed a bill to create a BTC reserve. However, the bill failed to pass the committee review and is dead .

Montana

Montana introduced a Bitcoin reserve bill on Jan. 31, proposing up to $50 million in investments across Bitcoin, digital assets, stablecoins, and precious metals.

While the bill passed committee review, it failed to secure enough votes in the first chamber.

South Dakota

South Dakota Republican Rep. Logan Manhart announced on X that he plans to introduce the Bitcoin reserve bill to establish a Bitcoin stockpile in the state.

The proposed bill, however, failed to pass the committee review process and is officially dead now.

Pending

Texas Bitcoin Reserve Bill Moves to Government Efficiency Committee

Texas leads the nation in Bitcoin reserve legislation, with seven active bills in various stages of the judiciary process.

Three remain stalled at the introduction phase, two are under review by the first House committee, and one has advanced to the second House committee.

The Texas Bitcoin Reserve bill HB 4258 has been forwarded to the Delivery of Government Efficiency Committee.

New Hampshire House Committee Reviews Bitcoin Reserve Bill

On Jan. 10, New Hampshire State Representative Keith Ammon introduced HB 302, a bill that would allow the state treasury to invest in Bitcoin.

The proposal is currently under review, alongside two other bills that aim to expand digital asset investment and clarify regulatory frameworks.

During a recent House Committee hearing , lawmakers focused on a key issue: who would have the authority to manage the state’s Bitcoin holdings.

Much of the discussion centered around whether the state treasurer already has the legal power to make such investments—or if new legislation is needed to remove any ambiguity.

The committee noted that HB 302, like the other crypto-related bills under review, is designed to give clear guidance and reduce legal uncertainty for state officials tasked with managing public funds.

Alabama Introduces Two Concurrent Bitcoin Reserve Bills

Alabama has joined the growing number of states exploring Bitcoin reserves, with two identical bills—SB 283 and HB 482—introduced concurrently in the legislature to streamline the process.

State Auditor Andrew Sorrell voiced his support for establishing a strategic Bitcoin reserve, citing momentum from neighboring states pursuing similar initiatives.

HB 482 proposes allowing the state to invest up to 10% of its public funds in cryptocurrencies with a market capitalization exceeding $750 billion—effectively focusing on assets like Bitcoin.

The bill is currently under review by a House committee and will need to clear several stages before it reaches a final vote.

Minnesota

Minnesota tabled a new Bitcoin investment bill titled HF 2946.

The ‘Minnesota Bitcoin Act,’ would authorize the state to invest in Bitcoin. This is a companion bill to SF 2661, introduced in the MN Senate in March.

Florida

In Florida, two Bitcoin reserve bills remain active in the state’s pipeline. However, both are still under committee review and have seen little progress since their introduction.

Ohio

Ohio has introduced three Bitcoin reserve bills, all currently in the committee review phase.

The proposed legislation would grant the State Treasurer the authority to purchase Bitcoin at any time, signaling Ohio’s growing interest in adopting a Bitcoin reserve.

Massachusetts

Massachusetts has two active Bitcoin reserve bills, and both are currently under House committee review before going on the floor for voting.

Utah

Utah joined the Bitcoin reserve movement on Jan. 21 with a bill proposing to allocate 10% of state funds to Bitcoin and select stablecoins.

The bill also includes provisions for staking, lending digital assets, and securing state self-custody rights.

It has advanced through two committee meetings and is now awaiting a vote in the state chambers.

Illinois

Illinois’ Bitcoin reserve bill, HB1844, is under committee review .

The bill proposes a state-run Bitcoin reserve with a mandatory five-year holding period before any conversions or sales.

If approved, it would allow the state treasurer to accept Bitcoin gifts, grants, and donations from residents and government entities.

Missouri

Missouri has introduced five Bitcoin-related bills , two of which specifically aim to establish a strategic reserve.

One of these bills is still in its early stages, while the other has advanced to the committee review process.

Kansas

On Jan. 23, Kansas State Senator Craig Bowser introduced Senate Bill 34, a proposal to allow the Kansas Public Employees Retirement System (KPERS) to invest up to 10% of public employee retirement funds in spot Bitcoin ETFs.

The bill is currently under the committee review process.

Maryland

On Feb.7, Maryland introduced a new Bitcoin strategic reserve bill—MD House Bill 1309, by Del. Caylin Young.

The bill proposes to establish a state-level strategic Bitcoin reserve that would be funded through gambling violations. It is currently under committee review .

Iowa

Iowa introduced two Bitcoin reserve bills that would allow up to 5% of public funds to be invested in digital assets with a market cap of $750 billion or more. Both bills are currently under committee review.

New Mexico

Senator Anthony Thornton introduced Senate Bill 275, seeking to make New Mexico the first U.S. state to adopt a BTC reserve strategy.

The bill is currently under committee review.