Wyoming, in the United States, has introduced a bill to create a Strategic Bitcoin Reserve, joining several other states nationwide ahead of Donald Trump’s presidential inauguration on Jan. 20.
“Wyoming took its first bold step toward a strategic Bitcoin reserve,” Wyoming Senator Cynthia Lummis wrote in a Jan. 17 X post, following the introduction of the bill titled “State Funds-investment in Bitcoin,” which, if passed, allows a portion of Wyoming state funds to be invested in Bitcoin (BTC).
Lummis praises Wyoming Representative for Bitcoin push
Lummis, a vocal Bitcoin advocate who introduced the Bitcoin Strategic Reserve bill to the US Senate in July 2024, praised Wyoming representative Jacob Wasserburger for introducing the legislation to “allow permanent funds to diversify into Bitcoin.”
Lummis said, “This forward-thinking approach will benefit our state as we lead the nation in financial innovation.”
The bill proposed that the Wyoming state treasurer may use the general fund, the permanent Wyoming mineral trust fund, and the permanent land fund to invest in Bitcoin; however, it was said that under each fund, no more than 3% could be allocated to Bitcoin.
The bill states that if Bitcoin exceeds the 3% threshold, no sale will be required to maintain the portfolio allocation limit. Source: State of Wyoming
It was also said that if the total market value of Bitcoin investments in any of the funds surpasses the 3% limit, the state treasurer “shall not be required to sell or otherwise reduce the investments to comply with the limits of this section.”
US states continue to further Bitcoin adoption
To date, Pennsylvania, Texas, Ohio, New Hampshire, Oklahoma, North Dakota, and Massachusetts have all put forward a Strategic Bitcoin Reserve bill.
The development comes as the odds of Trump establishing a strategic Bitcoin reserve after taking office on Jan. 20 are soaring on betting markets Kalshi and Polymarket.
Related: US Bitcoin reserve has pundits in tailspin as Trump inauguration looms
It comes just days after Lummis sent a letter to the US Marshals Service on Jan. 15 demanding answers for the government’s potential sale of 69,370 Bitcoin seized in the Silk Road asset forfeiture.
Lummis characterized attempts to sell the US government’s Bitcoin holdings as a form of political spite.
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