Senator Anthony Thornton’s SB257 bill opens the door for Bitcoin in the state’s public portfolio.
New Mexico Senator Anthony Thornton has introduced Senate Bill SB257, known as the Strategic Bitcoin Reserve Act, which would allow the state to invest up to 5% of its public funds in Bitcoin.
The proposed legislation aims to create an alternative fund for New Mexico, diversifying the state’s investments by including Bitcoin alongside traditional assets such as stocks and bonds.
The bill mandates that the State Investment Council work closely with financial advisors to ensure responsible Bitcoin investments while maintaining the state’s financial stability. It specifically calls for the use of cold storage solutions to safeguard the state’s Bitcoin holdings.
An increasing number of countries are exploring the idea of establishing a strategic Bitcoin reserve. While El Salvador has already implemented this strategy since November 2022, others, such as Brazil and Russia, are considering similar moves.
On the domestic front, Utah and Arizona are engaged in a “race for Bitcoin reserves,” with bills currently under review. However, not all states are seeing the same level of progress—similar legislative proposals have faced setbacks in Wyoming and North Dakota. Wyoming’s HB201 bill was stalled in committee, while North Dakota’s HB1184 failed to pass a House vote.
