Over 20 US states have introduced Bitcoin reserve bills in 2026. New Hampshire has passed one. Arizona cleared its legislature. Texas, Florida, Oklahoma, North Carolina, and others have active bills. Here's the current status of every major state Bitcoin reserve effort.
More than 20 US states have introduced legislation to hold Bitcoin as part of their state treasury reserves. As of early 2026, New Hampshire has become the first state to actually pass such a law. Arizona's bill has cleared the legislature. Texas, Florida, Oklahoma, Utah, and North Carolina all have active bills moving through their legislative sessions.
This is a rapid-moving area. Here's the current status of every major state Bitcoin reserve effort and what these bills actually do.
A state Bitcoin reserve bill authorizes (or requires) the state treasury to allocate a portion of its reserve funds into Bitcoin. Most bills follow a similar structure:
These bills don't force states to buy Bitcoin immediately — they create legal authorization for treasurers to do so if they choose.
New Hampshire became the first US state to pass a Bitcoin reserve bill into law. The law authorizes the state treasurer to invest up to 5% of certain state funds in Bitcoin or other digital assets with a market cap above $500 billion (effectively Bitcoin-only). New Hampshire's treasury is relatively small (~$300 million in applicable funds), making the maximum Bitcoin allocation roughly $15 million.
Arizona passed two Bitcoin reserve bills through its legislature. Arizona has one of the more aggressive proposals — the Arizona Bitcoin & Digital Assets Reserve Fund bill would create a dedicated reserve funded partly by unclaimed property. Governor Katie Hobbs has raised concerns; her signature was pending as of early 2026.
Texas introduced SB 21 and HB 1598, both authorizing the state to invest up to 5% of the Economic Stabilization Fund (the "Rainy Day Fund," which holds ~$23 billion) in Bitcoin. A 5% allocation would equal roughly $1.15 billion in Bitcoin — one of the largest potential state purchases. Texas has a strong Bitcoin mining presence (see our Texas Bitcoin laws guide) and significant political appetite for the bill.
Oklahoma introduced HB 1203 to create a Bitcoin reserve fund. Oklahoma's bill is notable for including explicit self-custody provisions — the state could hold Bitcoin in a cold storage wallet rather than through a custodian.
Utah passed a Bitcoin reserve bill through its House of Representatives but it stalled in the Senate. Utah's bill authorized up to 5% of certain state funds in digital assets meeting a $500B market cap threshold.
Florida has multiple Bitcoin reserve bills introduced. Florida's Chief Financial Officer has been publicly supportive. With ~$800 million in eligible reserve funds, a 5% allocation would be ~$40 million.
North Carolina introduced HB 92, which would allow the state treasurer to invest up to 10% of certain funds in Bitcoin. North Carolina's bill is notable for the higher 10% allocation cap.
Ohio introduced a Bitcoin reserve bill. Ohio has previous crypto-friendly history — it was the first state to accept tax payments in Bitcoin (2018, program later paused).
| State | Bill Status | Max Allocation | Applicable Funds |
|---|---|---|---|
| New Hampshire | Signed into law | 5% | Specific reserve funds |
| Arizona | Legislature passed, governor pending | Varies | Unclaimed property + reserves |
| Texas | Active, strong support | 5% | Rainy Day Fund (~$23B) |
| Oklahoma | Active | Varies | State funds |
| Utah | Passed House, stalled | 5% | Specific funds |
| Florida | Active | 5% | Reserve funds |
| North Carolina | Active | 10% | Pension + reserves |
| Ohio | Introduced | Varies | TBD |
| Wyoming | Existing framework | N/A | Wyoming has other pro-Bitcoin laws |
President Trump signed an executive order in early 2025 creating the concept of a US Strategic Bitcoin Reserve — instructing the Treasury to evaluate holding Bitcoin seized through asset forfeiture. This was not a direct purchase order, but it signaled federal-level legitimacy for Bitcoin as a reserve asset.
The federal action gave political cover to state legislators pushing similar bills. "If the federal government is considering it, why wouldn't states?" has become a common talking point.
Portfolio diversification: State treasuries traditionally hold cash, T-bills, and bonds. Bitcoin's low correlation to these assets (historically) makes it an attractive diversifier argument.
Inflation hedge: Bitcoin's fixed supply (21 million coins) appeals to officials concerned about dollar devaluation.
Political momentum: Bitcoin has become a Republican-aligned issue since the 2024 campaign. States with Republican-controlled legislatures are driving most of the activity.
Revenue potential: State officials argue that a small Bitcoin allocation could outperform traditional reserves if Bitcoin appreciates significantly.
Not everyone is convinced:
Volatility risk: Bitcoin dropped 80% from its 2021 peak to 2022 lows. Critics argue state reserves shouldn't hold volatile assets.
Fiduciary duty: Some state treasurers and pension managers argue their fiduciary duty requires preserving capital — hard to argue for an asset that can lose half its value in a year.
Custodial complexity: Self-custody at the state level introduces operational risks. Institutional custodians add fees and counterparty risk.
These bills authorize purchases — they don't guarantee them. The New Hampshire treasurer still has discretion over whether to actually buy Bitcoin. The practical outcome of many reserve bills may be authorization that never gets exercised.
For states that do purchase: custody would likely go to an institutional custodian like Coinbase Custody or Fidelity Digital Assets, with the Bitcoin held in segregated cold storage accounts.
Which state was first to pass a Bitcoin reserve law? New Hampshire, in early 2026. Their law authorizes up to 5% of certain state reserve funds in Bitcoin or other digital assets with a $500B+ market cap.
Do these bills require states to buy Bitcoin? No. They authorize purchases. The state treasurer retains discretion. Many bills may be signed without the state ever actually purchasing Bitcoin.
How much Bitcoin could US states buy in total? If every active bill passed and states used their full authorization, the theoretical total across all states is estimated at $10-$23 billion. In practice, actual purchases would be a small fraction of authorized amounts.
Is Wyoming already involved in Bitcoin? Yes — Wyoming has led on Bitcoin-friendly regulation for years, including special purpose depository institutions (SPDIs) for crypto, property rights for digital assets, and DAO LLC legislation. See our Wyoming Bitcoin laws guide.
Can states hold Bitcoin directly (self-custody)? Some bills allow it; most default to qualified custodians. The Oklahoma bill is notable for explicitly permitting direct state custody of Bitcoin.
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