Arizona Becomes Second U.S. State to Adopt Bitcoin for State Treasury
Arizona made headlines recently as it became the second U.S. state to establish a Strategic Bitcoin Reserve. Governor Katie Hobbs signed House Bill 2749 into law on May 7, 2025, paving the way for the state to invest in Bitcoin and other top digital assets using profits from unclaimed property.
The passing of HB 2749 marks a significant milestone for Arizona, as it sets the stage for the state to protect its finances from inflation and embrace a more modern financial future. The bill enables Arizona to convert profits from unclaimed assets, such as forgotten bank accounts or uncashed checks, into Bitcoin without tapping into taxpayer dollars.
While there were four Bitcoin Reserve-related bills introduced in Arizona this year, Senate Bill 1025 was ultimately vetoed, leaving HB 2749 as the sole bill to be signed into law. This legislation allows Arizona to not only invest in Bitcoin but also to collect rewards like interest, airdrops, and staking profits from these digital assets.
Furthermore, the law mandates that the state’s digital assets are stored securely through regulated U.S. custody services, ensuring the safety of the funds. By diversifying its investment strategy with digital assets, Arizona aims to stay ahead of the curve in financial innovation.
Representative Jeff Weninger played a pivotal role in championing the bill, guiding it through the legislative process from draft to signature. Crypto exchange Coinbase also lent its support by providing expert advice and testimony, helping to push the bill across the finish line.
Governor Katie Hobbs’ decision to sign HB 2749 into law solidifies Arizona’s position as a leader in digital asset innovation within the United States. With the establishment of a Strategic Bitcoin Reserve, Arizona is poised to navigate the evolving financial landscape and embrace the potential of digital assets for long-term financial growth and stability.
