Three US states have already passed bills to create a crypto reserve

What’s new? The states of New Hampshire, Arizona, and Texas have already approved bills to create bitcoin reserves, while in Pennsylvania, Montana, North Dakota, South Dakota, and Wyoming, such an initiative was rejected by congressmen. Seventeen other states have such bills pending. They include Alabama, Florida, Georgia, Idaho, Illinois, Kansas, Kentucky, Maine, Maryland, Michigan, Missouri, New Mexico, North Carolina, Ohio, Oklahoma, Rhode Island, and West Virginia.

Bitcoin Reserve Monitor data

What else is known? There is no single definition for bitcoin reserve across the United States, and language in state bills varies. Some documents allow for the purchase of bitcoins on the open market, while others focus on the long-term storage of coins confiscated from criminals.

Many of the proposals theoretically allow for the storage of altcoins, while at the same time imposing high capitalization requirements that only BTC meets so far.

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New Hampshire has become the first state to officially pass the House of Representatives’ bitcoin reserve bill, HB 302. Signed by Governor Kelly Ayotte, the law allows the state to allocate up to 5% of state funds to precious metals and digital assets.

However, cryptocurrencies must meet strict requirements: the average market capitalization must be at least $500 billion over the last calendar year, making bitcoin the only eligible asset.

New Hampshire can hold these reserves directly, through a qualified custodian, or through regulated investment vehicles.

The bill sparked heated political debate and passed the House of Representatives by a margin of only 13 votes. Still, Ayotte called it a victory for innovation and the state’s financial foresight. “New Hampshire is once again first in the nation!” she wrote on social media after the bill was signed into law.

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Arizona’s attempt to implement a bitcoin reserve has been repeatedly met with resistance and heavily debated by lawmakers.

In May 2025, HB 2749 was passed, updating the state’s unclaimed property laws to allow crypto assets to be stored in their original form, rather than liquidated as previously required.

This opened the door for the state to retain seized or confiscated bitcoins, effectively forming a reserve of sorts through enforcement action.

However, attempts to expand this practice have faced significant obstacles. Governor Katie Hobbs vetoed two other cryptocurrency bills.

In May, for example, Senate Bill SB 1025, which would have allowed state treasurers and pension systems to invest up to 10% of state funds in digital assets, was vetoed.

At the time, Hobbs said that “Arizonans’ retirement funds are not the place for the state to try untested investments like virtual currency.”

The second bill, HB 2324, would create a “Bitcoin and Digital Asset Reserve Fund,” administered by the state treasurer and funded by cryptocurrency seized in criminal investigations.

Hobbs said it “disincentivizes local law enforcement from working with the state on digital asset forfeiture by removing seized assets from local jurisdictions.”

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Texas, on the other hand, has been the most active in introducing bitcoin reserve legislation. In June 2025, Governor Greg Abbott signed SB 21 and HB 4488, allowing the state to begin creating a strategic BTC reserve with strong legal protections against possible liquidation by future legislative initiatives.

The law allows cryptocurrencies to be included in the reserves through purchases, forks, airdrops, or donations. However, only assets with a capitalization of at least $500 billion within the last 24 months are allowed to participate, again effectively limiting the reserve to bitcoin only.

Several states have attempted similar initiatives but ultimately failed due to political resistance and financial concerns.

In Montana, lawmakers considered HB 429, which would have allowed the state to set aside up to $50 million for a combination of cryptocurrencies, stablecoins, and precious metals. The bill failed to gain enough support in the House and was rejected before a full vote. Earlier attempts failed in North Dakota, Pennsylvania, and Wyoming.

In South Dakota, a proposal by state House member Logan Manhart would have allowed up to 10% of state funds to be allocated to BTC investments, but the House Commerce and Energy Committee voted to indefinitely delay the bill, effectively canceling it.

Utah passed a broader blockchain-related bill in March, but lawmakers removed provisions authorizing a bitcoin reserve.

Lawmakers in those states have expressed concerns about bitcoin volatility, potential legal liability, and questions about the long-term viability of the cryptocurrency as a reserve asset.