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Arizona state approves first ever US Bitcoin reserve, set to invest 10% of $31.5B state assets
Arizona state lawmakers have passed a bill allowing the state to invest up to 10% of public funds in digital assets, including Bitcoin.
The legislation also establishes a Digital Assets Strategic Reserve Fund, utilizing seized crypto assets and future appropriations.
The Senate bills 1025 and 1373 now await final confirmation from state Governor Katie Hobbs.
The state of Arizona took a major step toward public Bitcoin adoption in the US as lawmakers passed two bills enabling direct investment of public funds in digital assets.
Arizona lawmakers approve bills to Invest state assets in Bitcoin and NFTs
Arizona has moved a step closer to becoming the first U.S. state to establish a Bitcoin reserve. Lawmakers in the House of Representatives on Monday approved Senate Bill 1025 and Senate Bill 1373, clearing the way for a potential 10% allocation of treasury and pension funds into Bitcoin and other digital assets.
The legislation, now awaiting Governor Katie Hobbs' signature, would authorize Arizona’s treasurer to invest up to 10% of state-managed assets in digital currencies.
the Arizona State Treasury oversaw more than $31.4 billion in assets, according to official data.
A 10% allocation, as permitted under Senate Bill 1025, would authorize up to $3.14 billion to be invested in digital assets, including Bitcoin and NFTs.
