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Led by Texas and New Hampshire, U.S. states across the national map, both red and blue in political stripes, are developing bitcoin strategic reserves and bringing cryptocurrencies onto their books through additional state finance and budgeting measures.
Texas recently became the first state to purchase bitcoin after a legislative effort that began in 2024, but numerous states have joined the “Reserve Race” to pass legislation that will allow them to ultimately buy cryptocurrencies.
New Hampshire passed its crypto strategic reserve law last May, even before Texas, giving the state treasurer the authority to invest up to 5% of the state funds in crypto ETFs, though precious metals such as gold are also authorized for purchase. Arizona passed similar legislation, while Massachusetts, Ohio, and South Dakota have legislation at various stages of committee review.
Despite much of the legislation being largely sponsored or co-sponsored by Republicans, the adoption of crypto at the state level is not expected to strictly fall along party lines. The 2024 election cycle was the first time that the cryptocurrency industry played a major role in lobbying in both state and national elections. In fact, it was the largest corporate donor in an election cycle, with support given to candidates on both sides. It is already amassing a war chest for the 2026 midterms.
