Plan ₿ Forum 2026 · Lugano · Oct 23–24
Bitcoin Hub

US state Bitcoin reserves

3 states have enacted a Bitcoin or digital-asset reserve law: New Hampshire, Arizona and Texas. Only Texas has bought exposure so far (about $5M in the IBIT ETF, Nov 2025). Last checked 16 Oct 2026 (London).

A state reserve is a state-run pot of money that a law allows to hold Bitcoin or other digital assets. Below: which states passed such a law, which bills were stopped by a veto or a vote, and what each law really allows. The table covers 18 state bills in 12 states, plus the federal level. This is a reference, not investment advice.

Enacted
3
Vetoed
3
Failed
6
Pending / stalled
5
Federal
EO 14233 + 2 bills

Pending / stalled: the last recorded action is shown; sessions in these states may have ended, the outcome is not verified yet.

Share this page

Federal: the Strategic Bitcoin Reserve

The federal reserve was created by a presidential order, not by a law: Congress has not written it into law yet. It is built from bitcoin the government has already finally forfeited, and those coins are not sold. Other forfeited assets go to a separate digital-asset stockpile, so the reserve itself is bitcoin only.

  • EO 14233Establishment of the Strategic Bitcoin Reserve and United States Digital Asset Stockpile
    In force (executive order, not a law) · Signed 6 Mar 2025

    Treasury builds the reserve from bitcoin that was finally forfeited in criminal and civil cases. Bitcoin in the reserve “shall not be sold”. Other assets go into a separate Digital Asset Stockpile, so the reserve itself is bitcoin only. Published in the Federal Register on 11 Mar 2025.

    Source: whitehouse.gov (primary), federalregister.gov (number and dates) (primary) · checked 16 Oct 2026

  • ImplementationImplementation status of the reserve
    Structure not yet decided · Reported 6 Jul 2026

    CoinDesk, 6 Jul 2026: the White House says the administration “continues to evaluate the best structure”. The government does not disclose how much it holds (secondary source).

    Verify: Secondary source only: find the White House statement itself.

    Source: CoinDesk (secondary) · checked 16 Oct 2026

  • S.954BITCOIN Act of 2025 (Sen. Lummis)
    Pending in committee · Last action 11 Mar 2025

    Would write the reserve into law. Introduced on 11 Mar 2025 and referred to Senate Banking the same day; no later action.

    Source: congress.gov (primary) · checked 16 Oct 2026

  • H.R. 8957American Reserve Modernization Act of 2026 (Rep. Begich, co-lead Golden + 20)
    Pending: approved by committee · Committee vote 16 Sep 2026

    “To establish a Strategic Bitcoin Reserve…”. Introduced 21 May 2026. On 16 Sep 2026 House Financial Services ordered it reported (amended), 28–21.

    Source: govinfo.gov (primary), congress.gov (primary) · checked 16 Oct 2026

How much bitcoin the reserve holds is not officially disclosed. The bitcointreasuries.net tracker estimates about 328,372 BTC for the US government: an estimate from known addresses, not an official reserve statement. See countries and their holdings and the US government page.

Source: bitcointreasuries.net · as of 22 Oct 2026, 13:35 London · live estimate, shown only for context

States that enacted a reserve law

Three laws, three different models: public funds (New Hampshire), income from unclaimed assets (Arizona) and a separate appropriated fund (Texas).

New Hampshire: HB 302

Chapter 4 (2025), RSA 6:8-d · Signed (Gov. Ayotte) 6 May 2025

The state treasurer may invest part of public funds (general fund, revenue stabilization fund, others as the legislature decides). Limit: not more than 5% of total public funds. Takes effect 5 Jul 2025 per the law text (the status page says “eff. 05/07/2025”).

Assets: Precious metals (gold, silver, platinum) and any digital asset with a market cap above $500B, averaged over the previous calendar year. Custody: own secure custody, a qualified custodian or an ETP. The law is not Bitcoin-only.

Bought anything? No: as of 2 Mar 2026 the treasury had not invested (treasurer's representative, secondary source).

Sources: gc.nh.gov: law text, gc.nh.gov: bill status, The Registry Review, 2 Mar 2026 (secondary) · checked 16 Oct 2026

Arizona: HB 2749

Chapter 150 (2025), ARS 41-180 · Signed (Gov. Hobbs) 7 May 2025

Creates the Bitcoin and Digital Assets Reserve Fund. It receives airdrops, staking rewards and interest from unclaimed digital assets (unclaimed for 3 years after transfer to the custodian). The treasurer runs the fund; spending needs a legislative appropriation. With the legislature's approval 10% of the fund's digital assets may move to the general fund, but bitcoin may not. No budget money is invested.

Assets: Digital assets in a broad sense (virtual currencies, cryptocurrencies, other digital-only assets).

Bought anything? No purchases: the law does not provide for buying.

Sources: azleg.gov: chapter text, azleg.gov: summary · checked 16 Oct 2026

Texas: SB 21

89th session, Gov't Code 403.70x · Signed (Gov. Abbott) 20 Jun 2025

Creates the Texas Strategic Bitcoin Reserve: a special fund outside the state treasury, run by the comptroller. Sources: appropriations, dedicated revenue, purchased bitcoin and crypto, forks and airdrops, income. A qualified custodian and liquidity provider may be hired, derivatives may be used, an audit is required. Five-member advisory committee. Biennial report due by 31 Dec of every even-numbered year. “Effective immediately”.

Assets: Bitcoin and cryptocurrencies with an average market cap of at least $500B over the previous 24 months.

Bought anything? Yes, in an ETF: about $5M in BlackRock's IBIT on the morning of 20 Nov 2025 as a “placeholder investment” until a custodian is chosen (comptroller's spokesman, secondary sources). $10M appropriated (secondary source). On 28 May 2026 the advisory committee was named and a request for proposals on custody and liquidity was announced (primary).

Verify: The $10M appropriation: find the primary appropriation act.

Related law: Texas HB 4488 (20 Jun 2025) lists the reserve among the funds covered by the law on re-creating funds and protecting unappropriated money. The exact legal effect of the “sweep protection” is not verified. History, text.

Sources: capitol.texas.gov: bill history, capitol.texas.gov: enrolled text, comptroller.texas.gov, 28 May 2026, Bond Buyer (secondary), Texas Tribune, 8 Dec 2025 (secondary) · checked 16 Oct 2026

What Texas bought is covered on the iShares Bitcoin Trust and IBIT pages. For contrast, Strategy holds bitcoin on its balance sheet, not through an ETF.

All reserve bills by state

18 state bills in 12 states. Statuses are taken only from legislature sites. Last checked 16 Oct 2026.
State · billStatusDateWhat it allowsAssets · funded?SourceChecked
New Hampshire
HB 302
Enacted6 May 2025
Signed (Gov. Ayotte)
The state treasurer may invest part of public funds (general fund, revenue stabilization fund, others as the legislature decides). Limit: not more than 5% of total public funds. Takes effect 5 Jul 2025 per the law text (the status page says “eff. 05/07/2025”).Precious metals (gold, silver, platinum) and any digital asset with a market cap above $500B, averaged over the previous calendar year. Custody: own secure custody, a qualified custodian or an ETP. The law is not Bitcoin-only.
No: as of 2 Mar 2026 the treasury had not invested (treasurer's representative, secondary source).
16 Oct 2026
Arizona
HB 2749
Enacted7 May 2025
Signed (Gov. Hobbs)
Creates the Bitcoin and Digital Assets Reserve Fund. It receives airdrops, staking rewards and interest from unclaimed digital assets (unclaimed for 3 years after transfer to the custodian). The treasurer runs the fund; spending needs a legislative appropriation. With the legislature's approval 10% of the fund's digital assets may move to the general fund, but bitcoin may not. No budget money is invested.Digital assets in a broad sense (virtual currencies, cryptocurrencies, other digital-only assets).
No purchases: the law does not provide for buying.
16 Oct 2026
Texas
SB 21
Enacted20 Jun 2025
Signed (Gov. Abbott)
Creates the Texas Strategic Bitcoin Reserve: a special fund outside the state treasury, run by the comptroller. Sources: appropriations, dedicated revenue, purchased bitcoin and crypto, forks and airdrops, income. A qualified custodian and liquidity provider may be hired, derivatives may be used, an audit is required. Five-member advisory committee. Biennial report due by 31 Dec of every even-numbered year. “Effective immediately”.
Verify: The $10M appropriation: find the primary appropriation act.
Bitcoin and cryptocurrencies with an average market cap of at least $500B over the previous 24 months.
Yes, in an ETF: about $5M in BlackRock's IBIT on the morning of 20 Nov 2025 as a “placeholder investment” until a custodian is chosen (comptroller's spokesman, secondary sources). $10M appropriated (secondary source). On 28 May 2026 the advisory committee was named and a request for proposals on custody and liquidity was announced (primary).
16 Oct 2026
Arizona
SB 1025
Vetoed2 May 2025
Vetoed
The treasurer or the state retirement system could invest up to 10% of public monies under their control in virtual currency.—16 Oct 2026
Arizona
SB 1373
Vetoed12 May 2025
Vetoed
Gov. Hobbs: “volatility… not a prudent fit for general fund dollars”.—16 Oct 2026
Arizona
HB 2324
Vetoed1 Jul 2025
Vetoed
A reserve built from forfeited assets. Reason for the veto: it took assets away from local jurisdictions.—16 Oct 2026
Arizona
SB 1042
Failed11 Jun 2026
Failed (House third reading 27–30)
A repeat of SB 1025: up to 10% of public monies in virtual currency (summary per bitcoinlaws.io).
Verify: The bill's content comes from a tracker summary; check the bill text.
—16 Oct 2026
Arizona
SB 1649
Failed9 Jun 2026
Failed (House third reading 23–31)
A fund of digital assets the state holds, has forfeited or received voluntarily. ETP or qualified custodian; lending of the assets would be allowed.—16 Oct 2026
Oklahoma
HB 1203
Failed14 Apr 2025
Failed in Senate committee (passed House 77–15 on 24 Mar 2025)
Investments by the treasurer and pension funds. NCSL showed it as “Pending” on 25 Mar 2026 (two-year session).
Verify: Check the bill's status in the 2026 session.
—16 Oct 2026
Florida
SB 1038
Failed13 Mar 2026
Died in committee
Died in the Appropriations Committee on Agriculture, Environment, and General Government. The CFO would have run the reserve, with an advisory committee. Related bills S 1040 and H 1039 also died.—16 Oct 2026
Kansas
SB 352
Failed—
Died (date not verified)
A Bitcoin and digital assets reserve fund plus abandoned digital assets.
Verify: Date of death not verified.
—16 Oct 2026
South Dakota
HB 1155
Failed6 Feb 2026
House committee: “Deferred to the 41st legislative day”, 10–3
In South Dakota procedure this deferral kills the bill.
Verify: Confirm that “deferred” means dead before we call it “failed” in text.
—16 Oct 2026
North Carolina
SB 327
Pending / stalled19 Mar 2025
Last action: referred to Senate Rules and Operations
Treasurer's investments in bitcoin.
Verify: Outcome after the 2026 session not verified.
—16 Oct 2026
West Virginia
SB 143
Pending / stalled14 Jan 2026
Last action: to Banking and Insurance
A reserve or investments (details not verified).
Verify: Details and outcome after the 2026 session not verified.
—16 Oct 2026
Maryland
HB 51
Pending / stalled—
Status page: “In the House - Hearing 2/03”
A fund from money recovered in gambling enforcement (per NCSL).
Verify: The description comes from NCSL; outcome after the 2026 session not verified.
—16 Oct 2026
Tennessee
SB 2639 / HB 1695
Pending / stalled21 Apr 2026
Last action: SB placed on the Senate Finance, Ways, and Means calendar; HB “Taken off notice”
A bitcoin reserve.
Verify: Outcome after the 2026 session not verified.
—16 Oct 2026
Louisiana
HB 619
Pending / stalled7 Apr 2026
Last action: “Pending House Appropriations - Sched. for 4/7/26”
Budget Stabilization Fund into metals and digital assets.
Verify: Outcome after the 2026 session not verified.
—16 Oct 2026

Last checked 16 Oct 2026 (London). Not published until verified against a legislature site: bills in Massachusetts, Michigan, Missouri, Minnesota, Illinois, Virginia, Ohio, Georgia, Iowa, South Carolina, Kentucky and Utah that appear only in tracker lists.

Vetoed and failed bills

Arizona is the clearest case: three vetoes in 2025 and two bills voted down in the House in 2026. Other states let their bills die in committee.

Arizona

Other states

  • Oklahoma HB 1203: Failed in Senate committee (passed House 77–15 on 24 Mar 2025), 14 Apr 2025. oklegislature.gov
  • Florida SB 1038: Died in committee, 13 Mar 2026. flsenate.gov
  • Kansas SB 352: Died (date not verified). kslegislature.gov
  • South Dakota HB 1155: House committee: “Deferred to the 41st legislative day”, 10–3, 6 Feb 2026. sdlegislature.gov

How the three state models differ

New Hampshire, Arizona and Texas side by side, from the laws' text. Last checked 16 Oct 2026.
New HampshireArizonaTexas
Where the money comes fromPublic funds (general fund, revenue stabilization fund, others set by the legislature)Airdrops, staking rewards and interest from unclaimed digital assets. No budget moneyAppropriations, dedicated revenue, purchased coins, forks and airdrops, income
LimitNot more than 5% of total public fundsNo purchases. 10% of the fund's digital assets may move to the general fund with legislative approval, bitcoin may notSet by appropriation
Asset testMetals, and digital assets above $500B market cap (average of the previous calendar year)Digital assets in a broad senseMarket cap of at least $500B (average of the previous 24 months)
Who runs itState treasurerState treasurer; spending by legislative appropriationComptroller, with a five-member advisory committee
CustodyOwn secure custody, qualified custodian or ETP—Qualified custodian and liquidity provider may be hired; derivatives allowed
Reporting——Biennial report by 31 Dec of every even-numbered year; audit
Bought anything?No (as of 2 Mar 2026)No: the law does not provide for itYes: about $5M in the IBIT ETF (20 Nov 2025)

Sources: the same legislature pages as in the table above.

Why trackers disagree

  1. New Hampshire, limit: some trackers write “up to 10% of the general fund”. The law (RSA 6:8-d III) says “not more than 5 percent of the total amount of public funds”.
  2. New Hampshire, threshold: the $500B market-cap test is averaged over the previous calendar year. Texas uses a different window: 24 months.
  3. New Hampshire, effective date: the legislature's status page says “eff. 05/07/2025”, the law text says “Effective Date: July 05, 2025” (60 days after passage). We use 5 Jul 2025 from the text.
  4. Texas, signing date: some sites say 22 Jun 2025 (or “20–22 June”). The Texas legislature's site says “Signed by the Governor 06/20/2025”.
  5. Who was first: by the primary sources New Hampshire was first (6 May 2025), then Arizona (7 May), then Texas (20 Jun). One tracker's FAQ names Arizona first, which contradicts its own dates.
  6. Oklahoma: some trackers still show it as “considering”. On oklegislature.gov HB 1203 “Failed in Committee - Revenue and Taxation” on 14 Apr 2025. NCSL's 2026 list shows “Pending”.
  7. Arizona in 2026: one tracker shows SB 1042 and SB 1649 as active. On apps.azleg.gov both failed in the House in June 2026. That tracker's latest action dates are from about April 2026.
  8. Federal holdings: trackers quote about 198,000 BTC, about 328,372 BTC “under the SBR” and “more than 300,000” (CoinDesk). The government does not disclose a number, so we show the live tracker estimate and call it an estimate.
  9. Federal bills: some trackers say “neither bill has passed”. That is true, but they miss the 16 Sep 2026 committee vote on H.R. 8957 (28–21).
  10. Number of states “considering”: trackers count states or bills, different sessions, and some statuses are out of date, so the totals range from about 10 to 14 states.

Checked against the legislature pages linked in the table, 16 Oct 2026.

FAQ

Which US states have a Bitcoin reserve law?
Three: New Hampshire (HB 302, signed 6 May 2025), Arizona (HB 2749, 7 May 2025) and Texas (SB 21, 20 Jun 2025). Sources: state legislature sites; checked 16 Oct 2026.
Has any state actually bought Bitcoin?
Texas bought about $5M of BlackRock's IBIT on 20 Nov 2025 as a placeholder until it picks a custodian (comptroller spokesman, via Bond Buyer and the Texas Tribune). New Hampshire's treasurer had not invested as of March 2026. Arizona's fund only receives staking rewards and airdrops from unclaimed assets.
What does New Hampshire's law allow?
The state treasurer may put up to 5% of total public funds into precious metals and digital assets worth over $500B in market cap (averaged over the previous calendar year). Holdings can sit with a qualified custodian, in an ETP or in the state's own secure custody (RSA 6:8-d).
How is the Texas reserve different?
It is a separate fund outside the state treasury, run by the comptroller and funded by legislative appropriation. It may only buy crypto with an average market cap of at least $500B over 24 months, and the comptroller must publish a report every two years (SB 21). An advisory committee was named on 28 May 2026.
Is the federal Strategic Bitcoin Reserve the same thing?
No. It was created by Executive Order 14233 (6 Mar 2025) from bitcoin the government already forfeited, and those coins are not to be sold. Congress has not made it law: S.954 sits in committee, and H.R. 8957 was approved by House Financial Services on 16 Sep 2026.
Which states rejected reserve bills?
Arizona's governor vetoed SB 1025, SB 1373 (May 2025) and HB 2324 (July 2025), and in June 2026 the Arizona House voted down SB 1042 and SB 1649. Oklahoma HB 1203 failed in a Senate committee (Apr 2025). Florida SB 1038 died in committee (Mar 2026).
Why do trackers list different numbers of states?
Some count bills, others count states. Some treat Arizona's unclaimed-property fund as a reserve. Many statuses are out of date (e.g. Oklahoma is still shown as “considering”). We link the legislature page and the check date for every row.

Sources and method

We keep the table by hand. Each row's status comes only from a legislature site (for the federal level: congress.gov, govinfo.gov, whitehouse.gov and the Federal Register). Trackers and NCSL are used only to find new bills. Rows where we have no primary source are tagged “Verify”. We update weekly during sessions (January–June) and monthly otherwise, and also when any state buys, when H.R. 8957 or S.954 move, when Texas files its report (due 31 Dec 2026) and when new sessions open in January 2027.

Sources: gc.nh.gov, azleg.gov, capitol.texas.gov, congress.gov, whitehouse.gov · checked 16 Oct 2026 (London)

See also: all holders, countries, ETFs, wiki: US Strategic Bitcoin Reserve, spot Bitcoin ETF, Silk Road and the Bitfinex hack (where the government's forfeited BTC came from), hardware wallet, multisig, not your keys (custody rules in the laws), 21 million.

Reference information, not investment advice or legal advice.