TLDR
- Utah’s legislature has approved a Strategic Bitcoin Reserve bill, making it the second state after Arizona to advance such legislation
- The bill proposes a 10% allocation of state funds to Bitcoin, with 11 other states considering similar measures
- Final approval from Utah’s governor is still required to enact the law
- Led by Jordan Teuscher, who previously introduced digital asset investment bill HB230
- MicroStrategy and Metaplanet continue Bitcoin accumulation despite recent price correction to $102,248
Utah lawmakers have approved legislation that would establish a state Bitcoin reserve program, positioning the state to become the second in the nation to hold the cryptocurrency as a strategic asset. The move follows Arizona’s recent passage of its own Bitcoin reserve initiative, potentially setting the stage for broader adoption across other states.
The legislation, which received strong support in Utah’s state legislature, would authorize the allocation of state funds toward Bitcoin holdings. Under the proposed framework, Utah could invest up to 10% of its reserves in the digital currency, creating a new category of state-held assets.
Dennis Porter of the Satoshi Act Fund broke the news through social media, highlighting Utah’s position in what appears to be a growing movement among state governments. The development marks a potential shift in how state authorities approach digital asset management and storage of value.
State Representative Jordan Teuscher, who previously championed digital asset legislation through his HB230 bill, has been instrumental in advancing the current initiative. His earlier work focused on establishing frameworks for Utah’s involvement in digital asset investments, laying groundwork for the current legislation.
The bill’s progression through Utah’s legislative system has occurred amid increasing interest from other states. Reports indicate that 11 other states are currently exploring similar Bitcoin reserve programs, with most proposals targeting comparable 10% allocation levels.
South Dakota has emerged as another active participant in this legislative trend, with State Representative Logan Manhart publicly endorsing the concept. Manhart has emphasized the importance of government taking proactive steps in digital asset adoption, rather than reactive measures.
The Utah proposal now moves to its final stage, requiring the governor’s signature to become law. The legislation has maintained support through various committees and votes, suggesting broader acceptance of Bitcoin as a legitimate state-held asset among Utah’s lawmakers.
Implementation details within the bill outline specific procedures for managing and securing state Bitcoin holdings, though exact protocols remain under development. The legislation includes provisions for oversight and regular reporting on the state’s digital asset positions.
During the legislative process, Bitcoin’s market price has shown typical volatility, with recent trading at $102,248.93. This represents a slight decline of 0.89% over 24 hours and 3.39% over seven days, while maintaining a 9.55% increase over the past month.

Corporate interest in Bitcoin has remained steady despite price fluctuations. MicroStrategy recently expanded its holdings by 10,107 BTC, while Metaplanet announced plans to raise additional funds for Bitcoin acquisition, demonstrating continued institutional confidence.
The development in Utah has sparked discussions about potential expansion to other digital assets, though some experts caution against broadening beyond Bitcoin for state reserves. These conversations highlight the ongoing debate about appropriate asset selection for government holdings.
Utah’s technology sector has responded positively to the initiative, viewing it as a potential catalyst for increased blockchain and cryptocurrency activity within the state. Local business leaders have expressed support for the measure as a way to position Utah at the forefront of digital asset adoption.
The bill’s structure allows for gradual implementation, providing flexibility in timing and execution of Bitcoin purchases. This measured approach aims to minimize market impact while establishing the state’s position in digital assets.
If enacted, the law would represent one of the most substantial government adoptions of cryptocurrency at the state level, potentially influencing other states’ approaches to digital asset management.
The legislation includes provisions for regular review and adjustment of holdings, ensuring the state maintains appropriate risk management practices while participating in the digital asset market.
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