California, Massachusetts, and Wyoming Join the Race For a Bitcoin Reserve

Massachusetts and Wyoming have formally introduced bills today to establish a strategic Bitcoin reserve for the state. California’s state representative has also started proceedings to draft a Bitcoin-focused bill. 

As of January 2025, at least 15 US states are planning to add BTC as a part of their asset reserves. 

US Bitcoin Reserve Dream is Transpiring 

Wyoming lawmakers, led by Representative Jacob Wasserburger, have proposed House Bill 201, which would allow the state to invest up to 3% of its public funds in Bitcoin. 

If approved, this legislation could see Wyoming’s state-managed assets, including Bitcoin, in its portfolio. The assets accumulated to nearly $30.8 billion in 2024. 

The bill would allow BTC to be added to the general fund, permanent mineral trust fund, and permanent land fund portfolios.

The largest of these funds, the Permanent Wyoming Mineral Trust Fund, holds nearly $11.5 billion. With this approval, the state could allocate over $300 million to Bitcoin investments. 

The bill is co-sponsored by several representatives and has gained support from Wyoming Senator Cynthia Lummis. 

“Wyoming took its first bold step toward a strategic bitcoin reserve! Thank you Rep. Wasserburger for introducing legislation to allow permanent funds to diversify into Bitcoin. This forward-thinking approach will benefit our state as we lead the nation in financial innovation,” wrote Senator Lummis. 

Meanwhile, Massachusetts Senator Peter Durant has introduced Senate Docket 422 (SD422), titled “An Act Relative to a Bitcoin Strategic Reserve.” 

Also, this bill would allow the Massachusetts State Treasurer to invest up to 10% of the annual deposits in the Commonwealth Stabilization Fund into Bitcoin or other digital assets. 

With the fund holding over $8 billion as of 2024, the state could allocate up to $800 million to Bitcoin under this proposal.

“Mass is on the crypto train now, Senator Peter Durant’s pushing a bill for a Bitcoin reserve, using part of the state’s rainy day fund. The bill’s got a cap, keeping it chill at 10%. The move’s not just Mass flexing; Texas and OK are already in on this, and Trump’s about to make it national,” wrote Mario Nawfal on X (formerly Twitter). 

Unlike Wyoming’s bill, Massachusetts’ legislation also permits investments in other digital assets and includes provisions for lending these assets to generate additional returns. 

Oklahoma, Texas, and California Join the Movement

As BeInCrypto reported earlier, Oklahoma and Texas are also advancing similar proposals. In Texas, State Senator Charles Schwertner has introduced legislation to designate Bitcoin as a reserve asset.

“It’s time for Texas to lead the way in establishing a Strategic Bitcoin Reserve. That’s why I filed SB 778, which, if passed and signed into law, would make Texas the first state in the nation to establish a Strategic Bitcoin Reserve,” Schwertner wrote on X (Formerly Twitter).

California is taking a more exploratory approach. Assembly Member Phillip Chen’s office is appointing the non-profit organization Proof of Workforce to assist with drafting a Bitcoin-focused bill. 

The group will provide education, community engagement, and research to explore Bitcoin’s potential for supporting state infrastructure and financial resilience.

At least 15 US states, including Ohio and Pennsylvania, are considering Bitcoin reserves to hedge against dollar devaluation and economic uncertainty. 

Globally, countries such as Japan, Switzerland, and Russia are examining strategies to incorporate Bitcoin into their financial systems. In Canada, Vancouver has already approved Bitcoin for municipal reserves.

Also, a recent report by VanEck suggests that widespread adoption of Bitcoin reserves could reduce the US national debt by 36% this year. 

These developments highlight Bitcoin’s expanding influence as a financial asset, with more states and nations exploring its potential to improve fiscal stability.