Here’s How Much Bitcoin U.S. States Could Accumulate

Research from investment firm VanEck suggests that while the U.S. government is debating a potential Bitcoin reserve, 21 states are already moving forward with plans to acquire Bitcoin.

If these initiatives gain traction, state-level Bitcoin purchases could reach up to $25 billion, though VanEck analysts acknowledge this estimate is based on optimistic assumptions. Some states have yet to disclose their intended Bitcoin allocations, making the final figure uncertain.

Certain states, such as Michigan and Wisconsin, have already integrated Bitcoin into pension fund strategies, a trend that could expand if more states push for direct holdings. Analysts note that if these purchases materialize, they could significantly influence Bitcoin’s price, drawing parallels to MicroStrategy’s large-scale Bitcoin acquisitions, which currently exceed $31 billion in value.

Interest in Bitcoin reserves is growing beyond U.S. borders. Some countries, particularly those seeking to hedge against geopolitical risks, may follow a similar path. A previous Galaxy Research report suggested that non-aligned nations and those with sovereign wealth funds could adopt Bitcoin acquisition strategies to strengthen their financial positioning.

For both federal and state governments, Bitcoin holdings could offer a form of diversification beyond traditional U.S. Treasury reserves. Advocates argue that embracing Bitcoin as a reserve asset could provide long-term financial advantages, positioning governments ahead of a potential global shift toward digital asset reserves.

VanEck’s analysis highlights 21 states exploring Bitcoin acquisitions, with Arizona leading potential allocations at an estimated $8.74 billion. Other states, including Florida, North Carolina, and Pennsylvania, are also considering significant investments. However, some states, like Illinois and Kentucky, have yet to disclose their plans. With legislative discussions ongoing, the extent of state-driven Bitcoin adoption remains to be seen.