Key Takeaways
- VanEck estimates state-level Bitcoin reserve bills could drive $23 billion in buying.
- Florida, North Carolina, and Arizona have proposed Bitcoin investment bills.
- President Trump is considering a national Bitcoin stockpile.
Several U.S. states are exploring legislation to invest public funds in Bitcoin, a move that asset manager VanEck estimates could lead to $23 billion in Bitcoin purchases.
This projection, based on 20 state-level Bitcoin reserve bills, excludes potential pension fund allocations and could grow as more states advance similar initiatives.
According to VanEck’s head of digital assets, Matthew Sigel, the $23 billion estimate may be conservative due to limited available details on the size of these proposals.
In a post on X, he noted that many states lack disclosed investment amounts.
State-level progress
While no bill has been enacted yet, multiple states have proposals in various stages.
Florida recently introduced a bill allowing state investments in Bitcoin, and North Carolina has proposed permitting its State Treasurer to invest in digital assets.
Arizona’s Senate Finance Committee advanced a bill that would enable public funds to invest in Bitcoin, moving it to the Senate Rules Committee for further consideration.
Federal developments
On the federal level, President Donald Trump has tasked a group with developing a regulatory framework for digital assets, including stablecoins, and evaluating a potential “strategic national digital assets stockpile.”
VanEck also analyzed the BITCOIN Act of 2024, introduced by Sen. Cynthia Lummis, which proposes the U.S. Treasury acquire 1 million BTC over five years.
Global reserve growth
Between Q4 2022 and Q4 2024, governments globally added approximately 377,000 BTC to their reserves, primarily through criminal seizures, according to VanEck.
