According to Matthew Sigel, head of digital assets research at asset management firm VanEck, lawmakers across 20 U.S. states have introduced bills aimed at establishing Bitcoin and digital asset reserves. If enacted, these state-level initiatives could trigger a buying wave of up to $23 billion (approximately 247,000 BTC). Sigel shared his analysis on social platform X on February 12, emphasizing that this estimate does not include any potential pension fund allocations, which could significantly increase the total investment.
State Proposals Vary Widely; Arizona Leads with $8.7 Billion
The bills span Oklahoma, Massachusetts, Wyoming, Ohio, Texas, Utah, North Dakota, Iowa, Illinois, Kentucky, Missouri, Maryland, New Mexico, South Dakota, Montana, New Hampshire, North Carolina, Arizona, Florida, and Pennsylvania. Each proposal details different levels of Bitcoin allocation from general funds, stabilization reserves, and state treasurers' accounts.
Arizona stands out with an estimated allocation of up to $8.7 billion, while Florida plans a $3 billion investment. Missouri has introduced a bill that could allocate over $1.7 billion to Bitcoin. However, some states, such as North Dakota, have not disclosed specific funding amounts. Additionally, a previous bill in Pennsylvania has already failed, adding uncertainty to the overall market impact.
VanEck: $23 Billion May Be a Conservative Floor
Sigel noted that because many states have yet to specify exact funding sizes (marked as “n/a” in their analysis), the $23 billion figure is likely a conservative lower bound. As more details emerge during the legislative process, the actual buying pressure could be substantially higher. He also pointed out that these state reserve proposals are independent of any pension fund allocations; if pension funds eventually participate, total investments could far surpass the current estimate of 247,000 BTC.
This wave of state-level Bitcoin reserve bills signals a growing acceptance of digital assets in government financial planning. While all proposals are still in the legislative pipeline, their potential passage would inject billions of dollars into the cryptocurrency market, providing strong price support for Bitcoin and marking a significant shift toward recognizing crypto as a strategic reserve asset.