North Carolina is progressing towards integrating digital assets into its investment strategy with a newly proposed bill. The NC Digital Assets Investments Act (HB 92) aims to allow the state treasurer to allocate public funds toward “qualified” digital assets.

Under the proposed legislation, introduced by House Speaker Destin Hall on February 10, 2025, eligible digital assets must be exchange-traded products with an average market capitalization of at least $750 billion within the last year. Currently, this stipulation restricts investments solely to Bitcoin exchange-traded products (ETPs). Additionally, the proposed bill limits investments in digital assets to a maximum of 10% of any state fund’s balance at the time of the investment.

Hall Views Bitcoin as Essential for North Carolina’s Leadership

Destin Hall has advocated that including Bitcoin in the state’s portfolio could improve financial returns while enhancing North Carolina’s role as a leader in technological innovation.

“Investing in digital assets like Bitcoin not only has the potential to generate favorable yields for our state investment fund but also positions North Carolina as a leader in technological adoption and innovation,” he stated.

Hall also connected this initiative to former President Donald Trump’s proposal for a national Bitcoin stockpile, suggesting that North Carolina could take the initiative at the state level.

Co-sponsor Mike Schietzelt shared similar views, emphasizing the promise of blockchain technology, decentralized finance (DeFi), and crypto innovations, proposing that North Carolina should leverage these emerging trends to protect public funds from inflation and economic instability.

This move is part of a broader wave of crypto investment proposals emerging across the United States. Currently, 19 states have put forth similar legislative measures, while others, like Montana, aim to establish state funds dedicated to digital assets.