North Carolina To Establish Strategic Bitcoin Reserve

North Carolina has taken a major step toward integrating Bitcoin into its financial framework, introducing House Bill 92 to create a state-managed Strategic Bitcoin reserve (SBR).

If passed, the legislation would allow up to 10% of state-controlled funds, including retirement and pension systems, to be invested in Bitcoin exchange-traded products (ETPs). Given the scale of North Carolina’s financial holdings, this could translate into a $14 billion Bitcoin investment—one of the largest state-backed crypto allocations to date.

The bill’s introduction comes amid a broader wave of U.S. states exploring similar initiatives. Twenty-two states are now considering or implementing SBR bills. North Carolina’s move, however, stands out due to the influence of its key backers and the speed at which the proposal is advancing.

What sets House Bill 92 apart is its strong political backing. The SBR bill was introduced by North Carolina House Speaker Destin Hall, a high-ranking state official with significant legislative influence. Co-sponsors Rep. Steve Ross and Rep. Mark Brody have long been vocal supporters of Bitcoin, advocating for its adoption at both state and federal levels.

Dan Spuller, Head of Industry Affairs at the Blockchain Association, has also played a pivotal role, advising state officials on the bill’s framework. In a recent statement, Spuller emphasized that this initiative is not just a messaging bill but a concrete step toward integrating Bitcoin into public investment strategies.

The Shift Toward Strategic Bitcoin Reserves

North Carolina’s decision aligns with a growing trend of U.S. states exploring strategic Bitcoin reserves. In recent weeks, Montana, Florida, Maryland, and Kentucky have all proposed similar legislation, signaling an increasing appetite for Bitcoin-backed financial strategies at the state level. 

Meanwhile, Utah’s Bitcoin reserve bill has already advanced to the Senate, putting it ahead in the legislative race. However, not all states have found success in their Bitcoin ambitions. Bills introduced in North Dakota and Wyoming failed to gain traction.