Since President Donald Trump’s return to office, state-level Bitcoin reserve proposals have increased significantly across the United States. Trump’s campaign emphasized a national Bitcoin stockpile, sparking legislative interest in digital assets at the state level.
Although federal action remains limited, several states are now acting independently to integrate Bitcoin into public financial policy. These efforts have led to a mixed landscape, with some states passing legislation, others considering similar measures, and several rejecting such proposals outright.
Texas Advances Bitcoin Reserve Bill to House Floor
Texas has made major progress on its strategic Bitcoin reserve legislation. On May 7, the House Committee on Government Efficiency passed Senate Bill 21 in a 9–4 vote. According to Bitcoin Pierre’s post on X, the bill now heads to a full House vote, which would place it on Governor Greg Abbott’s desk if approved. SB 21 had earlier passed the Senate on March 6 with a 25–5 vote.
https://x.com/BitcoinPierre/status/1920297250309210608
Initially filed in January by Senator Charles Schwertner, the bill focused solely on Bitcoin. A later version in February broadened eligibility to digital assets with a market cap of at least $500 billion over the past 12 months. Currently, Bitcoin is the only asset meeting that threshold.
If enacted, SB 21 would authorize the Texas Comptroller to oversee the Bitcoin reserve and manage asset acquisitions. This includes the authority to allocate public funds to eligible cryptocurrencies. Texas has also reviewed other crypto-related bills, including HB 4258 and SB 778. These focus on investments using the Economic Stabilization Fund and accepting taxes and donations in crypto, respectively.
New Hampshire Becomes First to Approve Bitcoin Reserve Law
New Hampshire became the first U.S. state to pass a strategic Bitcoin reserve law. On May 6, Governor Kelly Ayotte signed House Bill 302, authorizing up to 10% of the state’s general fund to be allocated to digital assets. The law permits investments only in cryptocurrencies with a $500 billion market cap, making Bitcoin the sole qualifying asset.
https://x.com/KellyAyotte/status/1919783147463426283
Under the law, public funds can also be allocated to precious metals, further diversifying the state’s reserve strategy. The law includes no fixed amount but allows the state treasurer discretion on allocation size and timing. It also establishes a strict limit of 10% for digital asset exposure.
Governor Ayotte announced the development on X, stating the move reaffirms New Hampshire’s position as a national policy leader. The law aims to position the state for long-term value stability by focusing on highly liquid and institutionally recognized digital assets.
Arizona Signs Bitcoin Reserve Fund Bill Into Law
One day after New Hampshire’s move, Arizona also enacted a digital asset policy. On May 7, Governor Katie Hobbs signed HB 2749 into law. The bill creates a Bitcoin and Digital Assets Reserve Fund, managed by the state treasury. The fund will accumulate abandoned digital assets and staking rewards.
The law permits the state to claim unclaimed digital currencies if the rightful owner fails to respond within three years. It does not rely on taxpayer funds, as the assets are acquired through passive accrual, such as airdrops or idle holdings.
A separate bill, SB 1373, remains on Governor Hobbs’ desk. It would allow Arizona’s treasurer to allocate up to 10% of the state’s budget stabilization fund into Bitcoin. This bill is distinct from the vetoed SB 1025, which would have permitted pension fund investments in crypto. Hobbs rejected SB 1025, citing risk concerns tied to retirement fund stability.
North Carolina and Other States Continue to Consider Proposals
North Carolina remains one of the states actively reviewing Bitcoin reserve policies. Although no bill has passed yet, lawmakers are engaged in discussions over potential frameworks. Recent developments in Arizona and New Hampshire have bolstered these efforts.
Other states with pending or active legislation include Utah, Ohio, Kentucky, Missouri, and Oklahoma. Some of these proposals allow for strategic reserves, while others focus on allowing tax payments or donations in digital currencies.
In Oklahoma, a bill that initially passed one committee faced a narrow 6–5 defeat in the Senate Revenue and Taxation Committee on April 29. Despite one senator switching their vote after hearing from constituents, the bill failed to advance.
Florida Withdraws Proposals as South Dakota, Montana, and North Dakota Reject
Florida is among the latest states to withdraw from the Bitcoin reserve initiative. The state introduced two bills— HB 487 and SB 550—proposing up to 10% of select public funds be allocated to Bitcoin. Both bills were indefinitely postponed and withdrawn from the legislative agenda as of May 3.
Legislators chose not to pursue the proposals during the extended session, which now focuses on finalizing the state’s budget. This decision places Florida alongside states like Wyoming, Pennsylvania, and Montana, all of which have declined similar proposals in 2025. Florida’s decision was influenced by concerns over volatility, lack of federal regulation, and the high-risk profile of crypto assets.
In Montana, House Bill 429 failed in a 59–41 floor vote. North Dakota’s HB 1184 met a similar end, falling short in a 57–32 vote. In both cases, lawmakers cited asset volatility and lack of regulatory clarity as key concerns. Despite these setbacks, Representative Logan Manhart of South Dakota has announced plans to reintroduce similar legislation in 2026. Other lawmakers in Montana and North Dakota have yet to confirm if they will refile related proposals.
Momentum Builds Despite Legislative Losses
As of May, at least 36 active Bitcoin reserve proposals are under consideration across 19 states. This is down from more than 45 earlier this year, reflecting legislative setbacks in several jurisdictions. Despite the reduced count, the number of states seriously considering crypto reserves remains substantial.
Federal action remains stalled. Although President Trump signed an executive order on January 23 calling for a national Bitcoin stockpile study, legal challenges have delayed its implementation. In the absence of federal clarity, states continue to chart independent courses.
New Hampshire and Arizona are currently the only states with legally established Bitcoin reserves. Texas is on the verge of joining them, pending final legislative approval. Meanwhile, for now, Florida, South Dakota, and several other states have closed the door on Bitcoin reserves.
