US States Go Full Bull: Treasury Departments Quietly Stacking Bitcoin Reserves

Forget the Fed’s waffling—state-level treasuries are taking crypto custody into their own hands. Wyoming to Texas, legislative greenlights now backstop nine-figure BTC holdings.

Why? Ask the bond market. With 30-year yields stuck in the mud, digital assets offer the only exit ramp from traditional finance’s slow-motion collapse. Even pension funds—yes, those pension funds—are dipping toes in.

Wall Street’s response? A masterclass in cognitive dissonance. Jamie Dimon still trashes Bitcoin at breakfast… while JPM’s blockchain division quietly onboards three new state clients.

Nationwide bitcoin plan: Trump’s strategic reserve

On March 6, 2025, President TRUMP signed the executive order establishing the Bitcoin reserve. For now, the reserve consists of Bitcoin seized through legal measures. This currently amounts to 21 billion US dollars. The goal is to position the US as the leading nation in the field of digital assets.

The reserve is managed by the Treasury Department and may not be sold off as in the past. In addition, the administration is planning the creation of a "US Digital Asset Stockpile" for other cryptocurrencies. These measures are intended to foster innovation and strengthen institutional acceptance.

Single states launch similar initiatives

Independent of federal initiatives, New Hampshire and Arizona have taken their own steps to integrate Bitcoin into their financial strategies. New Hampshire became the first US state to pass a law allowing the state to invest up to 5% of its public funds in cryptocurrencies with a market capitalization of over 500 billion USD-currently, this only applies to Bitcoin.

Arizona followed suit by passing legislation that enables the state to convert unclaimed assets into Bitcoin to combat inflation and modernize public funds. These developments could encourage other states to adopt similar measures. North Carolina and Texas may be next in line, while more than 60 legislative proposals are currently under discussion nationwide. So far, states have rejected eleven such proposals, while two have made it through the entire legislative process.

In Switzerland, an initiative committee is also pushing to obligate the Swiss National Bank to invest in Bitcoin. The proposal WOULD amend the excerpt of the Federal Constitution that currently mandates a currency reserve in gold. In addition, the SNB would be required to hold a portion of its reserves in Bitcoin. The signature collection period runs through the end of June 2026, though gathering 100,000 signatures is expected to be a significant challenge.