Which US States Are Hoarding Bitcoin? The 2025 Treasury Report You Can’t Ignore

Bitcoin isn't just for crypto bros anymore—state governments are stacking sats. Here's who's leading the charge.

The Great American Bitcoin Grab

Forget gold reserves or municipal bonds. Forward-thinking states are quietly building Bitcoin war chests while Wall Street hedge funds still debate 'store of value' narratives. No ETFs required—just cold wallets and constitutional nods to sound money.

Why This Matters

When Texas mines Bitcoin with flare gas and Florida pays contractors in BTC, it's not virtue signaling—it's financial infrastructure 2.0. The states betting big now will control the liquidity faucets when the Fed inevitably launches its 'digital dollar' (read: surveillance coin).

The Bottom Line

While pension funds lose sleep over 1% Treasury yields, these governments are playing 4D chess with a 21-million-supply asset. Just don't expect the SEC to approve their custody solutions anytime soon—regulators move at blockchain speed (that is, glacially).

New Hampshire and Arizona: pioneers of reserve initiatives

New Hampshire made history in May 2025 by becoming the first U.S. state to pass legislation establishing a strategic Bitcoin reserve. This allows the state treasury to invest up to 5% in digital assets with a market capitalization exceeding USD 500 billion - which currently applies exclusively to Bitcoin. Shortly after, Arizona followed suit with a reserve funded by seized cryptocurrencies and unused state property.

Governor Greg Abbott then signed Texas SB 21, officially making Texas the third state to set up a formal Bitcoin reserve. The legislation permits the State Comptroller to build a reserve financed through tax revenue, airdrops, or confiscated crypto assets and mandates regular evaluation and transparency.

Nationwide movement

Beyond individual states, bitcoinlaws.io reports that Texas alone has 14 Bitcoin-related bills in progress, several of which relate to reserve-building. Nationwide, there are now 47 legislative proposals across 26 states, from Florida to North Carolina to Alabama. While some have been implemented, others have been rejected or remain under committee review.

Assessing the momentum

These developments fit into a broader national dynamic. New Hampshire and Arizona have not only sent symbolic messages but also led the way in demonstrating that states can leverage Bitcoin as a fiscal tool and hedge against inflation. Texas recently followed suit with clearly defined budget rules.

If this trend continues, we could see a partial decentralization of the national Bitcoin strategy: states WOULD become more than mere observers and could actively contribute to building digital currency reserves. In the future, coordinated purchasing actions and pilot reserve programs are likely - potentially establishing Bitcoin as a lasting component of public financial planning.