Wisconsin
Bitcoin States
Wisconsin made Bitcoin history in Q1 2024 when the State of Wisconsin Investment Board (SWIB) became the first state pension fund in the United States to publicly disclose spot Bitcoin ETF holdings, purchasing over $160 million in BlackRock's IBIT and Grayscale's Bitcoin ETF. SWIB later more than doubled its position to $350 million before exiting in Q1 2025, but the original investment was a landmark moment for institutional Bitcoin adoption.
Details
- State
- Wisconsin
- Region
- Midwest
- Status
- pension_btc_etf_historic
- Notable
- Wisconsin SIB made historic first institutional pension Bitcoin ETF purchase: ~$163M IBIT in Q1 2024
- Governor
- Tony Evers
- Known For
- SWIB historic first — first US state pension to publicly disclose spot Bitcoin ETF holdings ($350M peak, 2024)
- Income Tax
- Yes
- Bill Number
- State Investment Board (2024)
- Description
- Wisconsin was one of the first US state pension funds to invest in Bitcoin ETFs. The Wisconsin Investment Board disclosed ~$160M in BlackRock IBIT holdings in 2024.
- Legislation
- SWIB — first state pension to buy spot Bitcoin ETFs (Q1 2024, exited Q1 2025)
- Pension Btc
- Yes
- Abbreviation
- WI
- Notable Legislation
- SWIB first state pension Bitcoin ETF purchase (Q1 2024, exited Q1 2025)
- Bitcoin Mining Rights
- No
- Bitcoin Friendly Score
- medium
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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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