16 states betting on a U.S. Bitcoin Reserve

Utah, Texas, Arizona, and others are considering stockpiling Bitcoin as Trump eyes the possibility of a strategic reserve

PublishedFebruary 10, 2025

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Image for article titled 16 states betting on a U.S. Bitcoin Reserve — Photo: Bloomberg (Getty Images)

During his election campaign in 2024, President Donald Trump pledged to establish a Bitcoin Reserve, sparking ongoing speculation about if and when the U.S. government might formally add Bitcoin to its asset holdings. Since then, the conversation around a federally backed Bitcoin Reserve has gained traction, particularly as some states have adopted more crypto-friendly policies.

While no definitive actions have been taken so far by the Trump administration, multiple state governments have shown interest in incorporating Bitcoin into their financial strategies.

Let’s take a look at which states are leading the charge and how they plan to approach a Bitcoin Reserve.

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Utah

Utah could become the first U.S. state to create a Bitcoin reserve with legislation already being considered. On January 28, one of Utah’s house committees voted 8-1 in favor of a bill named the “Blockchain and Digital Innovation Amendments” that would allow the state to invest a portion of its public funds in Bitcoin and other cryptocurrencies. Utah’s interest in Bitcoin is not new, having had a digital asset task force in place since 2022, which allows for ongoing work on cryptocurrency policy.

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Texas

Recently, Texas Lieutenant Governor Dan Patrick unveiled plans to establish a Bitcoin reserve in 2025, listing a “Texas Bitcoin Reserve” among his top 40 legislative priorities.

This initiative follows a similar effort by State Senator Charles Schwertner, who introduced legislation on Jan. 16. Schwertner wrote on X that a Texas Bitcoin Reserve would position the state as a leader in the digital economy, fostering growth and securing economic freedom.

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Arizona

Last month, the Arizona Senate Finance Committee approved the “Arizona Strategic Bitcoin Reserve Act” in a 5-2 vote, marking a significant step toward investing public funds in Bitcoin. Co-sponsored by State Senator Wendy Rogers and State Representative Jeff Weninger, the bill proposes allocating up to 10% of public funds — managed by the state treasurer and retirement systems — into Bitcoin and other cryptocurrencies.

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Illinois

Illinois is also working on a Bitcoin strategic reserve bill, aiming to position the cryptocurrency as a financial savings tool. The proposed House Bill 1844, introduced by State Representative John Cabello, seeks to create a strategic Bitcoin reserve as a special fund within the state treasury to hold Bitcoin as a financial asset.

A key feature of the bill is its mandated minimum five-year holding period. After this term, the state treasury would have the flexibility to transfer, sell, appropriate, or convert the Bitcoin into another cryptocurrency.

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Other states that could also establish a Bitcoin reserve

Pennsylvania was the first state to introduce a Bitcoin reserve bill in November 2024. Several other states have either proposed or passed similar legislation, including Florida, Alabama, Massachusetts, Kentucky, Montana, New Hampshire, North Dakota, Oklahoma, Ohio, South Dakota, and Wyoming.

Depending on the enthusiasm and momentum of these early adopter states, more local governments could soon propose similar Bitcoin reserve legislation in the coming months.

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