Arizona state legislators have approved a bill to establish a Strategic Bitcoin Reserve (SBR), according to Bloomberg Government.
The document has been sent to Governor Katie Hobbs for her signature. It permits the investment of up to 10% of treasury and pension fund assets in digital assets.
The bill was co-authored by Senator Wendy Rogers and Representative Jeff Weninger, both members of the Republican Party.
Earlier in March, U.S. President Donald Trump signed an order to establish a federal SBR based on assets confiscated by the Treasury.
In states such as Oklahoma, Montana, Pennsylvania, North and South Dakota, and Wyoming, attempts to create a strategic bitcoin reserve have failed.