Lawmakers in Wyoming and Massachusetts have recently introduced bills to authorize 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 enacted, the legislation would enable the Wyoming State Treasurer to include Bitcoin among the assets managed for the state’s general fund, permanent mineral trust fund, and permanent land fund.
According to Wyoming’s latest State Treasurer investment report, the state managed $30.8 billion in assets as of Nov. 30, 2024. The largest trust, the Permanent Wyoming Mineral Trust Fund, holds nearly $11.5 billion, enabling potential Bitcoin investments exceeding $300 million under the proposed guidelines.
Representatives Ann Lucas, Gary Brown, Lee Filer, Daniel Singh, and Darin Smith, along with Wasserburger, co-sponsored the bill.
Wyoming Senator Cynthia Lummis congratulated Wasserburger on introducing the bill and said Wyoming “took its first bold step toward a strategic Bitcoin reserve.”
She added:
“This forward-thinking approach will benefit our state as we lead the nation in financial innovation!”
In Massachusetts, Senator Peter Durant introduced Senate Docket 422 (SD422), titled “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 prerequisites for such investments.
The bill allows investing up to 10% of the annual deposits in the Commonwealth Stabilization Fund into Bitcoin or other digital assets. As of Sept. 19, the state fund registered over $8 billion in assets, which would allow for an $800 million allocation in BTC.
Investment methods
Both Wyoming and Massachusetts bills outline stringent security measures for managing Bitcoin investments.
Under the proposed legislation, state treasurers must ensure 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 permit investments through regulated trust companies or approved exchange-traded products, provided these meet federal or state regulatory standards. Additionally, the bills require robust governance structures, disaster recovery protocols, and regular security audits to safeguard digital asset holdings.
Wyoming’s bill excludes staking and investments in other digital assets with market capitalizations exceeding $500 billion. Meanwhile, Massachusetts’ proposal allows the treasurer to loan 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 latest among eight states that have introduced Bitcoin-related legislation since December 2024.
Representatives Mike Cabell, Giovanni Capriglione, and Derek Merrin introduced plans for state investments in Bitcoin in Pennsylvania, Texas, and Ohio, respectively, in December, while New Hampshire and North Dakota enacted similar moves earlier this month.
Dennis Porter, co-founder and CEO of the Satoshi Action Fund, is aiding legislative efforts in various US states. He previously stated that 12 states would introduce legislation this year to establish a Bitcoin strategic reserve.
However, on Jan. 17, he raised the number by confirming that up to 15 states will work on such a strategy in 2025.
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