Bitcoin Reserve Race Kicks Off Among U.S. States

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Illinois House Minority Deputy Leader John Cabello has introduced a bill proposing the creation of a Strategic Bitcoin Reserve (SBR) at the state level.

This move, along with similar initiatives, was highlighted by Dennis Porter, CEO of Satoshi Action Fund, an organization advocating for Bitcoin adoption in U.S. political and business circles.

In December 2024, Porter outlined a mechanism through which Donald Trump could fund a federal SBR before Congress enacts legislative changes. He warned that if the federal government delays, states will take the lead in building Bitcoin reserves.

In January, as part of his campaign promises, Trump established a Task Force on Digital Assets, led by his special advisor on AI and crypto, David Sacks. One of its key objectives is to assess the feasibility of a federal SBR. In a recent interview, Sacks confirmed that they are actively exploring the initiative.

The push for Bitcoin reserves has also gained backing from MARA Holdings, the largest publicly traded Bitcoin miner.

Illinois Takes the Lead

Cabello’s proposal aims to establish a Bitcoin reserve managed by the state treasurer.

– Deposits must be held for at least five years, with no transfers, sales, or conversions allowed.

– The reserve will accept voluntary BTC donations.

– Mandatory audits every two years.

– Cold storage solutions for enhanced security.

Ohio Joins the Race

House Majority Leader Steve Demetriou introduced a new bill for an Ohio Bitcoin reserve, co-sponsored by six other state lawmakers.

This follows a December initiative by Derek Merrin.

Key elements of Demetriou’s proposal:

– Up to 10% of Ohio’s budget stabilization fund can be allocated to Bitcoin.

– Secure custody solutions with self-custody preference.

– Only assets with a market cap above $750M are eligible.

– The bill uses the neutral term “digital asset” to avoid political pushback.

“We fully support and endorse this bill and will work closely with its authors and advocates to make it a reality,” said Porter.

More States Enter the Bitcoin Game

Arizona’s SBR bill was the first to clear a committee and is now heading to the Senate floor for a vote. It was introduced by Wendy Rogers and Jeff Weninger.

Utah followed, with its own SBR bill advancing past committee approval.

In South Dakota, Representative Logan Manhart has just introduced an early-stage SBR bill in the state legislature.

Texas Lieutenant Governor has declared SBR a priority, noted Porter. The proposal first hit the Texas House floor in December.

“Things are moving very quickly,” Porter summarized.

A Nationwide Trend

Lawmakers in Arizona and Indiana have proposed legislation to allow government funds and pension systems to allocate capital into Bitcoin.

The Bitcoin Conference identified 10 U.S. states that have already introduced Bitcoin-related bills.

The Bigger Picture

Analysts at Fidelity Digital Assets predict that Bitcoin adoption at a national level in 2025 will be a major market catalyst for the crypto industry.

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