On October 3, 2023, Arizona recently passed the Strategic Bitcoin Reserve Act (SB1025), allowing up to 10% of state public funds (approximately $3.14 billion out of $31.5 billion in assets) to be invested in Bitcoin, becoming the first state in the U.S. to legislate the establishment of a Bitcoin reserve. The bill still requires the governor's signature, and if implemented, the state may purchase approximately 31,000 BTC, becoming the second-largest public Bitcoin holding entity in the U.S. This move could encourage 15 other states to pursue similar legislation.