Two U.S. states introduce bills to incorporate Bitcoin into their balance sheets.
In Minnesota, on April 1, Republican Representative Bernie Perryman introduced House File 2946, known as the “Minnesota Bitcoin Act.” The bill, a counterpart to Senate File 2661 proposed in March, would explicitly authorize the State Board of Investment to allocate public funds into Bitcoin.
At the same time, in the state of Alabama, Republican Senator Will Barfoot proposed Senate Bill 283, which complements House Bill 482 introduced in March. While neither bill explicitly mentions Bitcoin, they establish eligibility criteria requiring digital assets to have a market capitalization of at least $750 billion—a threshold currently met only by Bitcoin, effectively making it the sole qualifying asset.
Timeline and implementation
If approved, these proposals would take effect on October 1, 2025, in Alabama and on January 1, 2026, in Minnesota. Both states are using a common legislative tactic to expedite approval: introducing identical bills in both chambers.
Minnesota’s legislation would not only allow Bitcoin investments but also permit its acceptance for tax payments and government transactions. The bill seeks to amend more than a dozen statutes to incorporate digital assets, including tax codes, pension plans, and investment regulations.
Alabama’s proposal, on the other hand, specifies that digital assets must be held directly by the treasurer, a qualified custodian, or through exchange-traded products (spot ETFs) and cannot exceed 10% of any state fund.
The national landscape of Bitcoin legislation
These initiatives are part of a broader trend among U.S. states exploring Bitcoin as a strategic reserve asset. While some states—including Wyoming, Montana, and Pennsylvania—have rejected or withdrawn plans for a reserve, others are advancing their legislative processes.
South Carolina recently introduced a bill to allow its treasurer to allocate up to 10% of certain state funds into digital assets, starting with Bitcoin. Oklahoma’s House Bill 1203, which permits digital asset reserves, passed the House with a strong majority and is awaiting Senate review. Texas has approved Senate Bill 21 to establish a strategic reserve, pending House approval.
