Michigan
Bitcoin States
Michigan made Bitcoin history in 2024 when the State of Michigan Retirement System became the second US state pension fund to invest in spot Bitcoin ETFs, disclosing approximately $10.7 million in ARK 21Shares Bitcoin ETF holdings. The state legislature subsequently advanced House Bill 4087, a Bitcoin strategic reserve bill, further cementing Michigan's position among the most Bitcoin-forward states in the Midwest.
Details
- State
- Michigan
- Region
- Midwest
- Status
- pension_btc_etf
- Notable
- Michigan pension invested in Bitcoin ETFs (ARKB) in 2024, among first US state pension funds to do so
- Governor
- Gretchen Whitmer
- Known For
- 2nd state pension fund to buy Bitcoin ETFs (SMRS, $10.7M ARK 21Shares, 2024); HB 4087 strategic reserve bill advanced
- Income Tax
- Yes
- Bill Number
- State Investment Board decision
- Description
- Michigan did not pass formal legislation but the State of Michigan Retirement System invested in Bitcoin ETFs (BlackRock IBIT) in 2024, among the first public pensions to do so.
- Legislation
- HB 4087 (pending), SMRS Bitcoin ETF investment 2024
- Pension Btc
- Yes
- Abbreviation
- MI
- Notable Legislation
- SMRS Bitcoin ETF purchase 2024; HB 4087 Bitcoin reserve bill (advanced committee)
- Bitcoin Mining Rights
- No
- Bitcoin Friendly Score
- medium
More Bitcoin States
Arizona
Arizona signed limited Bitcoin reserve legislation allowing the state to hold Bitcoin from seized or forfeited assets, rather than purchasing it outright. This establishes a legal framework for Arizona to become a state Bitcoin holder through law enforcement activities. Arizona also considered more expansive Bitcoin reserve bills that would allow active treasury purchases, but these faced additional hurdles. Arizona's large retirement system (PSPRS) managing over $14 billion makes any state-level Bitcoin allocation strategically significant.
New Hampshire
New Hampshire became the first US state to sign a Bitcoin strategic reserve law into effect, with Governor Kelly Ayotte signing HB 302 in 2025. The law allows the state treasurer to invest up to 5% of certain state funds in Bitcoin and precious metals. Consistent with its "Live Free or Die" motto and libertarian political culture, New Hampshire also hosts the Free State Project — a movement of libertarians relocating to the state — many of whom are Bitcoin advocates.
Texas
One of the most Bitcoin-friendly states. Passed strategic Bitcoin reserve legislation and purchased ~$5M in BlackRock Bitcoin ETF (Nov 2025). Home to major mining operations and a supportive regulatory environment.
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