Utah Leads the Charge to Become the First US State with a Bitcoin Reserve
Utah is positioned to be the first US state to establish a Bitcoin reserve, facilitated by rapid legislative progress and strong political will.
Utah is on track to become the first US state to establish a Bitcoin reserve, propelled by political momentum and a fast-moving legislative process.
With a limited 45-day legislative window, Utah presents a unique opportunity to pass a bill that would enable the state to invest public funds into Bitcoin, positioning it as a frontrunner in digital asset adoption at the state level.
According to Dennis Porter, CEO of the Satoshi Action Fund, Utah’s compressed legislative calendar gives it a significant edge over other states contemplating similar legislation.
However, states like Illinois are also in pursuit to establish the first Bitcoin Reserve under their fiscal strategy. Legislation known as the Strategic BTC Reserve Act was introduced by John Cabello on January 29, 2025.
Texas is also making strides, having proposed a bill aimed at establishing a strategic Bitcoin reserve.
“No One Else Has a Faster Calendar”
In a February 2, 2025, interview, Senator Cynthia Lummis mentioned, “no one else has a faster calendar, and no one else has more political momentum and willpower to get it done.” She expressed confidence in Utah’s rapid progress.
The initiative took a significant leap forward on January 28, 2025, when a committee in the Utah House voted 8-1 to approve a bill that permits the state to invest in Bitcoin and other cryptocurrencies valued above $500 billion, along with approved stablecoins.
Dennis Porter noted the historical trend where every bill passed by the Utah House Economic Development Committee eventually becomes law, indicating a likelihood of success for this initiative.
Arizona is the only other state that has reached a similar legislative stage, while multiple states, including Illinois, Ohio, Massachusetts, New Hampshire, North Dakota, Oklahoma, Pennsylvania, Texas, and Wyoming, are also exploring parallel legislative measures.
On January 28, 2025, Logan Manhart from South Dakota announced plans for a bill aimed at creating a strategic Bitcoin reserve in his state. In December 2024, Giovanni Capriglione put forward the Texas Strategic Bitcoin Reserve Act, proposing that the state hold Bitcoin as a reserve asset for a minimum of five years.
Mike Cabell from Pennsylvania also proposed a bill in November to allocate up to 10% of the state treasury’s balance sheet for Bitcoin, citing its potential as a hedge against economic uncertainties.
