Donald Trump and his political allies are plugging away at plans to stockpile Bitcoin at a national level in the U.S. Treasury. 

And now, with the asset’s price repeatedly soaring to new peaks since Election Day, some U.S. states are following suit.  

So far, eight states are fielding proposals to establish strategic Bitcoin reserves, while digital asset advocates are calling for other local governments to do the same.

Here’s which states are considering topping up their coffers with the world’s oldest and most valuable digital currency. 

Texas

Texas legislators will soon weigh in on whether or not they should establish a strategic Bitcoin reserve. 

Texas State Representative Giovanni Capriglione proposed a bill in December 2024 that calls for the Lone Star State to create a Bitcoin stockpile. 

The draft legislation stipulates that Texas must hold the Bitcoin for at least five years. The cryptocurrency must be kept in cold storage—that is, on some kind of a device that is not connected to the internet—and the assets cannot be used to make transactions outside of Texas, according to the bill.

“A strategic Bitcoin reserve aligns with Texas’s commitment to fostering innovation in digital assets and providing Texans with enhanced financial security,” the bill reads.

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

Pennsylvania

The Pennsylvania House of Representatives put forth a bill in November 2024 that called for the establishment of a strategic Bitcoin reserve.

Under the Bitcoin bill, Pennsylvania’s Treasurer would be able to buy Bitcoin with “up to 10%” of the State General Fund, Rainy Day Fund, and the State Investment Fund.

Tapping 10% of the State General Fund would allow the Pennsylvania Treasury to purchase nearly $1 billion worth of Bitcoin.  

“Bitcoin, which has appreciated significantly over the years, can help Pennsylvania keep pace with inflation and economic change,” the state’s lawmakers said in a legislative memo published on November 12. 

Ohio 

Ohio State Representative Derek Merrin on December 17, 2024 proposed a bill to establish a strategic Bitcoin reserve in the Buckeye State. 

The Ohio Bitcoin Reserve Act calls for the creation of a Bitcoin fund in the state Treasury. It also vests Ohio’s State Treasurer with discretionary power to purchase the asset.

“Ohio must embrace technology and protect tax dollars from eroding,” Merrin said Tuesday in an X post. 

Although some details of how the reserve will work remain unclear, the draft legislation is expected to serve as a framework for Ohio lawmakers to build out in 2025.

New Hampshire

New Hampshire Rep. Keith Ammon set forth a bill on January 10, 2025 to enable the state’s Treasury to invest in Bitcoin. While Bitcoin is not mentioned by name in the bill, it’s the only cryptocurrency that would currently be eligible based on the high market cap requirements.

“We’re tied to the U.S. dollar, whether we like it or not, but this would allow us to have the state invest a small portion into this uncorrelated, new asset class,” Ammon told Decrypt.

Under the bill, New Hampshire’s treasurer would also have the authority to engage in “lending or staking” practices.

“The state that is last to build Bitcoin reserves will lose,” Ammon added. “It’s urgent that states act sooner than later, and that takes some education on the part of state officials.”

North Dakota

North Dakota legislators put forth a resolution on January 10, 2025 to invest selected state funds in digital assets.

The initial resolution will be followed by discussion, which could result in a proper bill being drafted and submitted. No specific assets are mentioned in the brief resolution, but North Dakota Legislative Council Director John Bjornson told Decrypt that such definitions would be “more appropriate for a bill.”

Wyoming

In January, five Republican senators put forth a bill that would permit Wyoming’s State Treasury to invest public funds in Bitcoin.

Up to 3% of several state funds could be invested in Bitcoin, according to the proposal. Those include the Wyoming Treasury’s general fund, the permanent Wyoming mineral trust fund, and the permanent land fund.

Under the bill, the Bitcoin would be held by the state treasurer through a secure custody solution, directly by a qualified custodian, or through investing in an ETF.

Massachusetts

In January, Massachusetts Senator Peter Duran submitted a bill to establish a strategic Bitcoin reserve in the state’s Treasury.

Under the proposal, up to 10% of Massachusetts’ rainy day fund could be invested in Bitcoin or another cryptocurrency. The draft legislation calls for the tokens to be held through a secure custody solution, by a qualified custodian, or in an ETF issued by an investment company.

The bill also supports the loaning of that Bitcoin or digital assets for the purpose of generating additional returns for the state, if it can be done “without increasing the financial risk to the commonwealth.”

Oklahoma

Oklahoma Rep. Cody Maynard put forward a bill in January that calls for the state Treasury to invest public funds in any digital asset that has averaged greater than a $500 billion market capitalization over the previous calendar year. The only cryptocurrency that fits that criteria, as of this writing, is Bitcoin.

The bill would also allow the state’s treasurer to purchase asset-backed stablecoins. Under the draft legislation, only up to 10% of the total amount of public funds in a given state account can be invested in digital assets, however.

Edited by Andrew Hayward

Editor’s note: This story was originally published on December 21, 2024 and last updated with new details on January 19, 2025.

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