Arizona has officially joined the list of U.S. states exploring cryptocurrency by launching its first Bitcoin and Digital Asset Reserve Fund. The move comes after Governor Katie Hobbs signed House Bill 2749 into law on May 7.
The new law doesn’t allow the state to invest fresh funds into crypto. Instead, it focuses on managing unclaimed digital assets. If digital assets go unclaimed for three years, the state can take control. Once acquired, these assets can be staked or used to collect airdrops. All earnings will go to the newly formed reserve fund.
This marks a change in Arizona’s approach. Earlier, Governor Hobbs had vetoed Senate Bill 1025, the Strategic Bitcoin Reserve Act, over concerns about crypto volatility and investment risks. HB 2749 addresses these concerns by focusing only on existing, abandoned assets.
Two more crypto-related bills are under discussion in Arizona. SB 1373 proposes a Digital Assets Strategic Reserve Fund managed by the state treasurer. It allows the state to invest up to 10% of the fund yearly. HB 2324, aimed at creating a separate reserve for forfeited assets, failed to pass but may be reconsidered.
Arizona follows New Hampshire, which recently passed a similar law, becoming the first to launch a Bitcoin reserve. Texas and Oregon have also made progress, while Florida’s proposals have stalled.
As more states explore crypto legislation, the U.S. is seeing growing but uneven interest in digital assets at the state level.
