Arizona Legislature passes bitcoin reserve bill, sends it to governor’s desk: Bloomberg Government

Lawmakers in Arizona have passed a bill allowing the state treasurer and retirement system to invest up to 10% of available funds in digital assets, specifically bitcoin, sending it to the governor’s desk for approval, according to Bloomberg Government.The bill, called the Arizona Strategic Bitcoin Reserve Act, passed Monday in the state legislature, Bloomberg Government reported."This bill represents an emerging approach by a state government to integrate cryptocurrency into public financial management, reflecting the growing mainstream acceptance of digital assets," according to the bill text's summary. The bill's cosponsors are both Republicans: Sen. Wendy Rogers and Rep. Jeff Weninger. If signed by Democratic Governor Katie Hobbs, the state would be the first to require public funds to invest in Bitcoin. Several states, including Iowa, Missouri, and Texas, are weighing whether to establish a strategic bitcoin reserve. At the federal level, President Donald Trump signed an executive order in March establishing a strategic bitcoin reserve and digital asset stockpile. Some asset managers have weighed in on how much bitcoin investors should hold. BlackRock recommended in December allocating 1% to 2% of a portfolio to bitcoin, according to Business Insider. Fidelity has suggested a slightly higher range, recommending 2% to 5%.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.