Lawmakers in Wyoming and Massachusetts recently introduced bills to allow state investments in Bitcoin (BTC), bringing the total number of US states with such proposals to eight.
In Wyoming, Representative Jacob Wasserburger introduced House Bill 201, titled “State Funds-Investment in Bitcoin,” proposing that the state allocate up to 3% of its public funds to Bitcoin investments.
If the legislation passes, the Wyoming state treasurer could include Bitcoin among the assets managed for the state’s general fund, permanent mineral trust fund and permanent land fund.
According to the latest investment report from the State Treasurer of Wyoming, the state managed $30.8 billion in assets as of November 30, 2024. The largest trust, the Permanent Wyoming Mineral Trust Fund, holds nearly $11.5 billion, allowing potential Bitcoin investments of more than $300 million under the proposed terms. guidelines.
Representatives Ann Lucas, Gary Brown, Lee Filer, Daniel Singh and Darin Smith co-sponsored the bill along with Wasserburger.
Sen. Cynthia Lummis of Wyoming Congratulations Wasserburger the introduction of the bill and said Wyoming was “taking its first bold step toward a strategic Bitcoin reserve.”
She added:
“This progressive approach will benefit our state as we lead the nation in financial innovation!”
In Massachusetts, Senator Peter Durant introduced Senate Document 422 (SD422), entitled “An Act Relative to a Bitcoin Strategic Reserve.” The bill seeks to authorize the Massachusetts state treasurer to invest a portion of the state’s public funds in Bitcoin
Unlike Wyoming’s proposal, SD422 also includes provisions for investments in other digital assets, although it does not specify conditions for such investments.
The bill allows up to 10% of annual deposits into the Commonwealth Stabilization Fund to be invested in Bitcoin or other digital assets. As of September 19, the state fund registered more than $8 billion in assets, which would allow for an allocation of $800 million in BTC.
Investment Methods
Both Wyoming and Massachusetts’ bills outline strict security measures for managing Bitcoin investments.
Under the proposed legislation, state officials must ensure the secure custody of digital assets, including cryptographic private keys controlled exclusively by the state, encrypted storage environments and geographically diversified secure data centers.
The proposals also allow investments through regulated trust companies or approved exchange-traded products, provided they meet federal or state regulatory standards. Additionally, the bills require robust governance structures, disaster recovery protocols, and regular security audits to protect digital asset ownership.
The Wyoming bill excludes staking and investments in other digital assets with a market capitalization of more than $500 billion. Meanwhile, Massachusetts’ proposal allows the treasurer to borrow Bitcoin or other digital assets to generate returns, provided it does not increase the state’s financial risk.
Up to 15 states
Wyoming and Massachusetts are the last of the eight states to introduce Bitcoin-related legislation since December 2024.
Representatives Mike Cabell, Giovanni Capriglione and Derek Merrin introduced plans for state investments in Bitcoin Pennsylvania, TexasAnd Ohiorespectively in December, while New Hampshire And North Dakota took similar measures earlier this month.
Dennis Porter, co-founder and CEO of the Satoshi Action Fund, supports legislative efforts in several US states. He previously stated that twelve states would introduce legislation this year to establish a strategic Bitcoin reserve.
However, on January 17, he increased the number by one to confirm that fifteen states will be working on such a strategy by 2025.
