Bitcoin Surges Into State-level Finance as Two U.S. States Legalize Strategic Bitcoin Reserves Within 48 Hours

Momentum behind strategic bitcoin reserves surged this week as two U.S. states enacted legislation within 48 hours to create state-held bitcoin reserves

In a rapid unfolding of events, two U.S. states have legalized strategic bitcoin reserves within 48 hours, highlighting the unstoppable bipartisan momentum and a new financial era.

New Hampshire Governor Kelly Ayotte signed House Bill 302 on May 6, making it the first state to introduce a Strategic Bitcoin Reserve (SBR). The bill permits the state to convert unclaimed property funds into bitcoin and other digital assets.

Close behind, Arizona Governor Katie Hobbs signed House Bill 2749 on May 7, establishing the Arizona bitcoin and digital assets reserve. The measure allows the state to convert unclaimed property funds into bitcoin and other top-tier digital assets.

Both governors signed the bills into law amid a backdrop of growing interest in bitcoin at the state level.

The developments also highlight the rare bipartisan consensus around bitcoin as a tool for modernizing state financial strategies.

After adjusting a post from X user "The Bitcoin Announcer," who stated that two state governors signed bills into law within 48 hours to establish a Strategic Bitcoin Reserve, one governor was Republican and the other was Democrat, Dennis Porter, CEO of the Satoshi Action Fund, further explained that the governors signed bills to establish a Strategic Bitcoin Reserve, not a state-level spot market.

“Bitcoin can unite us. You are not bullish enough,” said Porter, noting that two states signed bills within 48 hours to establish a Strategic Bitcoin Reserve. One governor was Republican and the other was Democrat.

The development comes less than a week after Hobbs vetoed a similar proposal, Senate Bill 1025. However, with New Hampshire leading the way, Arizona quickly followed suit.

Both measures had bipartisan support in the state legislatures. Arizona's HB 2749 is a modified version of a bill that was previously vetoed by Governor Hobbs.

The bill establishes the Arizona bitcoin and digital assets reserve and permits the state to convert unclaimed property funds into bitcoin and other top-tier digital assets. The measure mandates U.S.-regulated custody, ensures diversification, and keeps native bitcoin in digital form to return assets as bitcoin rather than dollars.

New Hampshire's HB 302 was the first to be signed into law, setting a precedent for other states. Meanwhile, Texas is on the brink of becoming the third.

The Texas House Committee on Delivery of Government Efficiency passed Senate Bill 21, which now only awaits a full House vote before proceeding to the governor's desk.

These fast-moving developments indicate a growing trend among states seeking to integrate bitcoin into their financial planning.

House Commerce Committee Chairman Jeff Weninger, sponsor of Arizona's HB 2749, credited the support of advocates, thanking Porter and Eric Peterson for their work on "helping get this and other bitcoin bills to the finish line."

"Your advocacy as well as the thousands of people interacting with you is making a huge difference in the state legislatures," he wrote.

There are 4 bills for SBR in AZ. SB 1025 was vetoed. HB 2749 was signed into law.

Some policymakers remain skeptical, but bitcoin advocates see the reserves as a forward-looking hedge against inflation and a method to leverage idle assets for the public good.

The growing list of state-level legislative efforts suggests bitcoin reserves could become a trend in state finance.