States led by Texas and New Hampshire move to put bitcoin on public balance sheets

Texas has allocated about $5 million to a bitcoin ETF as a placeholder for a state strategic reserve, and New Hampshire approved a $100 million bitcoin-backed municipal bond that officials plan to issue this year.

Several U.S. states are taking steps to place bitcoin on public balance sheets and into core finance functions. Texas enabled a strategic bitcoin reserve and purchased roughly $5 million of a bitcoin ETF as a placeholder while custody and storage arrangements are developed. New Hampshire approved a $100 million bitcoin-backed municipal bond that has not yet been issued but is planned for this year. Other states cited in recent efforts include Arizona, Florida, Colorado, Utah and Louisiana, where officials have expanded crypto-related options. Key developments: - Texas passed legislation authorizing a strategic bitcoin reserve and bought about $5 million of a bitcoin ETF on Nov. 20, 2025, described by state officials as a placeholder; Texas has not purchased on-chain bitcoin. - New Hampshire approved a $100 million municipal bond backed by bitcoin, with plans for the issuance to occur this year; the deal has not yet taken place. - Several states have moved to authorize limited public investments in crypto by empowering treasurers or investment officials and by building governance structures such as increased reporting and custodial arrangements. - The seeding of reserves can use cash or government-seized crypto; President Donald Trump signed an executive order last March creating a strategic bitcoin reserve limited to seized crypto. - Some states including Colorado, Utah and Louisiana now accept crypto for tax payments and other state business, reflecting wider experimentation with digital assets in public finance. Summary: State actions represent a shift toward experimenting with digital assets within existing public finance frameworks, prompting new governance and custody considerations. Near-term developments include New Hampshire’s planned bond issuance this year and further custody and reporting decisions by states like Texas as they implement their reserves.