North Carolina Introduces Strategic Bitcoin Reserve Bill, Aims to Become First U.S. State to Buy Bitcoin

House Bill 92 (HB 92), also known as the “NC Digital Assets Investments Act,” intends to empower the state treasurer to allocate up to 10% of state-managed funds into crypto-backed ETPs.

North Carolina is taking a major step toward integrating Bitcoin into its financial strategy. A new bill would allow the state treasurer to allocate a portion of public funds to digital assets, specifically focusing on BTC exchange-traded products (ETPs).

With this move, North Carolina becomes the 20th state in the U.S. to explore legislation related to Bitcoin reserves.

The bill, titled House Bill 92 (HB 92) and also known as the “NC Digital Assets Investments Act,” aims to give the state treasurer the authority to deploy up to 10% of state-managed funds in crypto-backed ETPs.

BREAKING:

🇺🇸NORTH CAROLINA INTRODUCES STRATEGIC BITCOIN RESERVE BILL.

IT AIMS TO BECOME FIRST U.S STATE TO BUY BITCOIN. pic.twitter.com/5uWD1xw0tx

— CryptoJack (@cryptojack) February 11, 2025

The measure was introduced by House Speaker Destin Hall, Representatives Mark Brody, and Steve Ross, and it seeks to diversify the state’s investments by adding exposure to cryptocurrency.

According to Dan Spuller, Blockchain Association chief of industry affairs, Hall is “one of NC’s most powerful leaders.”

To put this in perspective, if North Carolina were to fully utilize the permitted 10% of eligible funds, it could inject billions of dollars into the digital currency market. Considering the current price of the flagship coin, which is trading above $98,000, this allocation could result in the acquisition of tens of thousands of BTC.

As promised,

North Carolina’s Strategic Bitcoin Reserve legislation was introduced today.

This is a big deal. Let me explain:

📜 HB 92 bill was personally introduced by House Speaker @DestinHall—one of NC’s most powerful leaders. Top of the food chain.

It will directly… pic.twitter.com/QtS6Kj8CKu

— Dan Spuller (@DanSpuller) February 10, 2025

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state-level bitcoin investment

North Carolina’s initiative is part of a broader trend in the United States, where states are showing increasing support for Bitcoin as an investment-grade asset.

Other states, including Florida, Utah, and Texas, have either introduced similar bills or are examining strategies for crypto investments by state government.

Some key factors driving this interest include Bitcoin’s potential to act as an inflation hedge and its expanding institutional adoption.

With a market capitalization now approaching $2 trillion, Bitcoin is becoming a more attractive option for institutional portfolios. The passage of HB 92 in North Carolina could further solidify Bitcoin investments at the state level and accelerate such initiatives across the country.