Which US states are considering establishing Bitcoin reserves?

By Liz Napolitano

Compiled by: Felix, PANews

Donald Trump and his political allies are working to push the U.S. Treasury Department to establish a nationwide reserve of Bitcoin.

Now, as the price of Bitcoin continues to hit new highs since Election Day, some U.S. states are beginning to follow suit.

So far, five states have proposed establishing strategic Bitcoin reserves, and digital asset advocates have called on other state governments to do the same.

Here are five states considering filling their coffers with the world’s most valuable digital currency.

Texas

Texas lawmakers will soon weigh in on whether the country should establish a strategic Bitcoin reserve.

In December 2024, Texas Representative Giovanni Capriglione introduced a bill calling for Texas to establish a Bitcoin reserve.

The draft legislation would require Texas to hold Bitcoin for at least five years. Under the bill, cryptocurrencies must be kept in cold storage (meaning on a device that is not connected to the internet) and the assets cannot be traded outside of Texas.

“The strategic bitcoin reserve is consistent with the State of Texas’ commitment to fostering digital asset innovation and providing enhanced financial security for the people of Texas,” the bill reads.

Finally, the proposal would also allow Texans to donate to the state’s Bitcoin fund.

Pennsylvania

The Pennsylvania House of Representatives introduced a bill in November 2024 calling for the creation of a strategic Bitcoin reserve.

Under the Bitcoin Act, Pennsylvania’s Secretary of the Treasurer would be able to use “up to 10%” of the state’s general fund, emergency fund, and state investment fund to purchase Bitcoin.

Using 10% of the state’s general fund would enable the Pennsylvania Department of the Treasury to purchase nearly $1 billion worth of Bitcoin.

“Bitcoin has appreciated significantly over the years and can help Pennsylvania keep pace with inflation and economic changes,” state lawmakers said in a legislative memo released Nov. 12.

Ohio

Ohio Congressman Derek Merrin introduced a bill on December 17, 2024 to establish a strategic Bitcoin reserve in Ohio.

The Ohio Bitcoin Reserve Act requires the creation of a Bitcoin fund in the state's Treasury Department. It also gives the Ohio Treasurer discretion to purchase the asset.

Derek Merrin tweeted: "Ohio must embrace technology to protect tax revenue from erosion."

While some details of how the reserve fund would work are still unclear, the draft legislation is expected to serve as a framework for Ohio lawmakers to enact in 2025.

New Hampshire

New Hampshire Representative Keith Ammon introduced a bill on January 10, 2025, proposing the creation of a "strategic reserve" that would allow the state treasury to invest in precious metals (such as gold, silver, platinum) as well as digital assets (including Bitcoin). Although Bitcoin is not mentioned by name in the bill, it is currently the only cryptocurrency that meets the high market value requirement.

The bill will introduce new regulations to clarify the definitions of “qualified custodian” and “secure custody solution” to ensure the safe custody of digital assets and operate through regulatory-approved trading products.

“We are pegged to the dollar whether we like it or not, but this will allow us to have the state invest a small portion of its money in this new uncorrelated asset class,” said Keith Ammon.

Under the bill, the New Hampshire Treasurer would also have the authority to engage in “loan or pledge” activities.

“The last state to build a bitcoin reserve will lose,” Keith Ammon added. “States must act sooner rather than later, and that will require education among some state officials.”

North Dakota

North Dakota lawmakers introduced a resolution on January 10, 2025 to "invest a portion of state funds in digital assets and precious metals." The resolution states that "changing economic conditions and emerging investment opportunities require prudent investment of state fiscal resources."

The preliminary resolution will be discussed in the coming days and may eventually be drafted and submitted as a formal bill. It is worth noting that although the brief resolution encourages digital asset investment, it does not mention specific assets. John Bjornson, director of the North Dakota Legislative Council, said such a definition is "better suited to the bill."

Related reading: As the “strategic reserve” trend emerges, will Bitcoin reshape the “balance sheets” of sovereign states and corporate institutions?