Twenty US States Consider Bitcoin Reserve Legislation Worth $23 Billion
Twenty state legislatures across the United States are reviewing bills that would establish bitcoin and digital asset reserves, with potential investments reaching $23 billion, according to research from asset management firm Vaneck.
Matthew Sigel, head of digital assets research at Vaneck, released findings on February 12 showing that if passed, these bills could result in the purchase of approximately 247,000 bitcoins.
We analyzed 20 state-level Bitcoin reserve bills.
— matthew sigel, recovering CFA (@matthew_sigel) February 12, 2025
If enacted, they could drive $23 billion in buying, or 247k BTC.
This sum is independent of any pension fund allocations, likely to rise if legislators move forward. pic.twitter.com/5AZnkiwTZf
The analysis covers proposed legislation in states including Oklahoma, Massachusetts, Wyoming, Ohio, Texas, Utah, North Dakota, Iowa, Illinois, Kentucky, Missouri, Maryland, New Mexico, South Dakota, Montana, New Hampshire, North Carolina, Arizona, Florida, and Pennsylvania.
Arizona leads the potential investment volume with a proposed allocation of up to $8.7 billion, while Florida's bill suggests a $3 billion investment in bitcoin reserves. Missouri has put forward legislation that could direct more than $1.7 billion toward bitcoin purchases. However, some states have not specified exact investment amounts in their proposals.
The research notes that the $23 billion estimate might be conservative, as several states have not disclosed specific allocation sizes in their bills. Additionally, these figures do not include possible future investments from state pension funds, which could further increase the total amount invested in bitcoin.
Some states have faced challenges in advancing their bitcoin reserve proposals. Pennsylvania's bill did not succeed, while North Dakota's legislation remains under review with unspecified investment amounts. The bills vary in their approach, targeting different funding sources such as general funds, stabilization reserves, and state treasurers' accounts.
If these bills become law, they would represent a major shift in state-level financial management and could significantly affect the bitcoin market. The combined purchasing power of state governments could introduce substantial new demand for bitcoin, separate from private sector investments.
