Arizona Advances in the U.S. Bitcoin Reserve Race

The Arizona Senate has passed a bill on the Strategic Bitcoin Reserve (SBR) in its third reading with 17 votes in favor and 12 against.

ARIZONA Update:

Bitcoin Reserve Bill SB 1373 has passed the Senate third reading, by a vote of 17-12.

Now moves to the House. AZ moves up to second place in the Reserve Race. pic.twitter.com/yTOPwW05GW

— Bitcoin Laws (@Bitcoin_Laws) February 28, 2025

The document has been sent to the House committee.

Utah is a step ahead in this regard. The state’s Senate Revenue and Taxation Committee approved a similar document on February 20. The bill will now undergo second and third readings before a final Senate vote.

In 18 states, similar initiatives await voting. Arizona and Utah are already in the final stages of approval.

The bill, supported by the upper chamber of Arizona’s Congress, limits the amount the Treasury can invest in a single operation. It also allows for the lending of digital assets for profit, provided it does not increase financial risks.

Texas

On February 27, the Texas Senate Banking Committee passed the SBR bill, which will next be considered by the state’s upper chamber.

The committee sub for SB 21 (sans the charitable donation provision) just passed B&C by a 9-0 vote.

Strategic Bitcoin Reserve heading to the Senate floor. #txlege https://t.co/UZui187UCG

— Brad Johnson (@bradj_TX) February 27, 2025

The document grants the Texas Comptroller of Public Accounts the authority to buy, sell, and exchange any assets.

The Texas Bitcoin Reserve bill has been revised.

In its initial version in January 2025, it proposed the acquisition of bitcoin, but in February 2025, senators included other digital assets.

Uncertain Prospects for U.S. Bitcoin Reserve

The community anticipated that the decision to create a Strategic Bitcoin Reserve (SBR) would be among the first actions taken by U.S. President Donald Trump upon his return to the White House on January 20. This was one of the politician’s campaign promises. 

The head of state established a task force on digital asset markets led by “crypto czar” David Sacks. Sacks called the initiative’s assessment a priority, but provided no details. 

Some experts suggested that the administration’s cautious approach to the crypto reserve could be a factor “pushing” bitcoin below $90,000.

“Evaluating or studying is what Washington does when it does not intend to address an issue,” commented Jim Bianco, president and macro strategist at Bianco Research.

In December 2024, Satoshi Action Fund CEO Dennis Porter promised to organize a “wave of SBR” at the state level if central authorities do not expedite the initiative. 

In January, the largest public American miner, MARA Holdings, joined the lobbying for bitcoin reserves in the regions. 

Relevant bills were introduced in many states, including Utah, South Dakota, Illinois, Ohio, Arizona, Utah, Texas, and several others. In Montana, Pennsylvania, North and South Dakota, as well as Wyoming, legislative initiatives failed. 

According to Sygnum’s calculations, the purchase of the first cryptocurrency for a national bitcoin reserve worth $1 billion would increase the asset’s capitalization by $20 billion.

Previously, analyst Thomas Farrer predicted a rise in digital gold prices by $50,000 per minute when U.S. authorities confirm the creation of the SBR.