New Mexico Joins the Race to Create a State Bitcoin Reserve

New Mexico is the latest U.S. state to join the Bitcoin[BTC] Reserve movement, which has picked pace since Donald Trump won the presidential election.

New Mexico has joined the U.S. states exploring the possibility of allocating a portion of their reserves to apex cryptocurrency Bitcoin (BTC). The move comes amid a broader trend following Donald Trump's victory in the presidential election.

As reported by local media on Monday, Feb. 4, the state's Senate Bill 275 would permit New Mexico to allocate up to 5% of its public funds to acquire Bitcoin.

The bill, officially introduced by Senator Anthony Thornton, is now set to be reviewed by the Senate Taxation, Business, and Transportation Committee (STBTC).

Other states, such as Wyoming and Arizona, have also made significant progress with their BTC Reserve plans. If approved, Wyoming would allocate around $300 million in BTC to diversify its reserve investments.

According to Bitcoin Laws, a tracker for BTC Reserve legislation, 15 states have seen some progress in BTC Reserve bills. However, none of these bills have been enacted yet.

While North Dakota and Wyoming's bills failed to proceed further, Arizona maintained a lead as its bill advanced to the general floor for a vote.

At the federal level, Trump's crypto czar David Sacks confirmed that President Trump had instructed him and the relevant working group to "evaluate the idea of a BTC Reserve."

While there is no precise timeline for a national BTC Reserve, the president directed the working group to submit a framework within 180 days to establish a "national digital stockpile."

At press time, Polymarket odds for a national BTC Reserve in 2025 were below 50%, suggesting that BTC had not fully priced in the possibility of a positive outcome.