Three U.S. states have enacted Bitcoin-related public-money laws: New Hampshire, Texas, and Arizona. They are not the same kind of law. New Hampshire authorizes its treasurer to invest a capped share of specified public funds in precious metals and qualifying digital assets. Texas creates a Bitcoin reserve fund outside the state treasury. Arizona creates a reserve fund built from unclaimed digital assets and does not authorize state purchases of Bitcoin. Several other states have introduced Bitcoin reserve or investment bills, but the official records available for this guide show those measures as pending, failed, or not yet confirmed.
The difference between “enacted,” “proposed,” and “failed” matters more than any headline count. A state that has passed reserve authority has not necessarily bought anything, and a bill that names Bitcoin may never have become law. The sections below separate the three categories and note the date and source for each status.
The three enacted state frameworks
The table compares the enacted measures on the points that determine what a state can actually do with digital assets. Where a source did not state a term, the cell says so rather than filling the gap with an assumption.
| Item | New Hampshire | Texas (SB 21) | Arizona |
|---|---|---|---|
| Enacted or effective | Enacted May 2025, per the California State Assembly Banking and Finance Committee background paper (2026) | Effective June 20, 2025, per the Texas Legislature’s enrolled summary (2025) | Enacted; the effective date is not stated in the sources reviewed |
| Asset source | Specified public funds | Special fund outside the state treasury; the Legislature may appropriate money to it | Unclaimed digital financial assets |
| Eligible assets | Precious metals and qualifying digital assets whose market capitalization averaged over $500 billion in the prior calendar year (per the California paper, 2026) | Bitcoin, under the Texas Strategic Bitcoin Reserve name; the eligibility wording was not stated in the summary reviewed | Unclaimed digital assets held in the Bitcoin and Digital Asset Reserve Fund |
| Allocation ceiling | Total investment in precious metals and qualifying digital assets may not exceed 5% of specified public funds (per the California paper, 2026) | Not stated in the summary reviewed | Not applicable; the California paper says the law does not provide for state purchases of Bitcoin |
| Administration and custody | Treasurer; custody terms not stated in the sources reviewed | Comptroller administers the fund; may contract for administration and audits and use derivatives under the law’s terms; custody terms not stated | Custody terms not stated in the sources reviewed |
| Evidence of actual holdings | Not stated | Not stated | Not stated |
New Hampshire: capped investment authority with a broad eligibility test
New Hampshire’s law is an investment authority, not a Bitcoin-only mandate. Because eligibility depends on a market-capitalization test rather than naming Bitcoin, a reader should describe it as authority over a class of digital assets that the statute defines by size. The five percent cap applies to the combined amount in precious metals and qualifying digital assets, so it does not mean five percent of state funds goes to Bitcoin. Any Bitcoin exposure would sit inside a limit shared with precious metals.
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Texas: a reserve structure, not a purchase record
Texas’s SB 21 is a reserve framework. It establishes the Texas Strategic Bitcoin Reserve as a special fund outside the state treasury, administered by the comptroller. The Legislature may appropriate money to it, and the comptroller may contract for administration and audits. Those powers describe what the state can do. The sources reviewed do not say how much money has been appropriated or what the fund holds, so the law should be described as creating the structure, not as evidence that the state has bought Bitcoin.
Arizona: a reserve built from unclaimed assets
Arizona’s Bitcoin and Digital Asset Reserve Fund is funded from unclaimed digital financial assets, according to the California Assembly background paper (2026). That makes it a reserve that holds assets obtained through a property-law process, not a fund that receives budget appropriations for purchases. Calling it a taxpayer-funded Bitcoin buying program would misstate the statute.
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Proposed measures that have not become law
These bills were introduced but, on the records reviewed, were not enacted. Each row gives the most recent official action found. A bill’s later status may differ, so check the legislature’s bill page before quoting it.
| Measure | What it proposed | Latest recorded status |
|---|---|---|
| Illinois SB 3743 (104th General Assembly) | A community Bitcoin reserve. Per the synopsis, acquisitions would require General Assembly authorization and be budget-neutral. | Referred to Senate Assignments on February 5, 2026. Pending, not enacted. |
| Kansas SB 352 | A Bitcoin and digital-assets reserve fund. | Marked “Died” on the official bill page. Date not stated in the sources reviewed. |
| Florida HB 1039 | A Florida Strategic Cryptocurrency Reserve Fund. | Died on the House Second Reading Calendar on March 13, 2026, per the Florida Senate (2026). Related Senate reserve proposals died in committee the same day. |
| South Dakota HB 1155 (2026) | Would let the State Investment Council invest up to 10% of state money made available for investment in Bitcoin, under prescribed custody conditions. | Introduced bill text, per the South Dakota Legislature (2026). The text alone does not establish enactment; status not confirmed in the sources reviewed. |
| Ohio SB 57 (Ohio Bitcoin Reserve Act) | Described as authorizing state-fund investment in Bitcoin. | Status not established; the bill page did not provide readable status details in the sources reviewed. |
| Tennessee HB 1695 and SB 2639 | Described as 2025–2026 Bitcoin investment bills. | Complete status not established for either bill. |
South Dakota’s proposal is the clearest example of why custody language matters. Its text prescribes secure custody through a qualified custodian or an exchange-traded product, with access controls and geographically separate data centers in the described secure-custody solution. A proposal with those terms is still a proposal until a legislature passes it and the governor signs it.
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Utah: reported authority that needs checking
A Florida Senate analysis (2026) says Utah passed legislation, identified as HB 230, authorizing the state treasurer to invest public funds in digital assets, including stablecoins. That summary is secondary. It does not show whether the enacted Utah text authorizes Bitcoin specifically, so do not describe Utah as a Bitcoin investor until you have read the enacted text yourself.
Stablecoin measures are a separate category
The same Florida Senate analysis lists past stablecoin-investment measures in Iowa, Massachusetts, Montana, Oregon, and Oklahoma that did not pass, and pending stablecoin-investment measures in Indiana, North Carolina, North Dakota, and Ohio. Stablecoins are dollar-linked tokens, not Bitcoin. A bill that allows investment in stablecoins should not be counted as a Bitcoin reserve bill, even when it appears in the same roundup.
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How to check whether a state’s law covers Bitcoin
- Find the enacted text on the state legislature’s website, not in a news summary or a committee comparison. Confirm the bill number and the signing or effective date.
- Identify the asset named in the operative section. Look for “Bitcoin,” for a defined term such as “qualifying digital assets,” and for any market-capitalization or exchange-listing test.
- Find the funding source. Check whether the law draws on existing public funds, appropriated money, unclaimed property, or donations, and whether a percentage ceiling applies to a specific pool.
- Read the custody clause. Note whether the state holds keys directly, uses a qualified custodian, or buys an exchange-traded product.
- Look for reporting duties and any actual appropriation. A law can authorize a reserve without any money being placed in it, and authority does not establish holdings.
What the sources cannot establish
No source reviewed reports a current balance or confirmed purchase by any state. Statutory authority, a reserve fund, or an appropriation shows what a state is permitted to do. It does not show that the state has bought Bitcoin or how much it holds.
There is also no single authoritative national count. The sources reviewed do not include a comprehensive, current tracker covering every state and bill, so any headline number of states depends on which categories are included: enacted authority, reserves funded from unclaimed property, pending bills, or failed proposals. Count them separately, and state the date of the latest official action for each.
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Status can change quickly during a legislative session. The dates in this article reflect the official entries cited above, and a bill that has not yet been acted on in one chamber can still move in a later session.
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