Utah One Step Closer to Becoming First US State with Bitcoin Reserve
2025-02-07
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Utah is on track to becoming the first U.S. state to establish a Bitcoin reserve, following the House’s approval of the Strategic Bitcoin Reserve bill.
The legislation, which allows the state to invest in digital assets, now .
Dennis Porter, CEO of the Satoshi Action Fund, announced the bill’s progress on February 6, confirming that it had successfully cleared the Utah House.Utah’s HB230 Advances with Strong 8-1 Vote
The bill, officially known as HB230, was advanced by the Utah House Economic Development Committee with an 8-1 vote on January 28.
Representative Jordan Teuscher introduced the measure on January 21, proposing that the state treasurer be granted authority to allocate up to 5% of certain public funds into Bitcoin, high-cap cryptocurrencies, and stablecoins.
Supporters of the bill believe Utah is leading the way in state-backed Bitcoin investment.
“We firmly believe that Utah will be the first state to introduce this legislation,” Porter stated in a recent interview.
If the bill gains Senate approval, it will proceed to the governor’s desk for a final decision.
MASSIVE BREAKING: The ‘Strategic Bitcoin Reserve’ bill has officially PASSED the House in the state of Utah – The bill now moves onto the Senate! — Dennis Porter (@Dennis_Porter_) 
Utah is not alone in exploring a Bitcoin reserve. Arizona has made similar progress with its Strategic Bitcoin Reserve Act (SB1025), co-sponsored by Senator Wendy Rogers and Representative Jeff Weninger.
The measure recently passed the Senate Finance Committee and awaits a House vote.
Meanwhile, New Mexico introduced its own version, SB57, on February 4, led by Senator Ant Thornton.
Not all states have embraced the idea.
North Dakota lawmakers recently rejected a proposal (HB1184) that would have allowed investment in crypto and precious metals, with the bill failing in a 32-57 vote on January 31.
Despite setbacks, 14 U.S. states have introduced bills permitting crypto investments, according to Bitcoin Reserve Monitor.US Spot Bitcoin ETFs See $5B Inflows in January
In another positive development, US spot Bitcoin exchange-traded funds (ETFs) saw inflows totaling nearly $5 billion in January, a strong start that could push them toward $50 billion or more by the end of the year, according to Bitwise CIO Matt Hougan.
As reported, Hougan noted that spot Bitcoin ETFs absorbed $4.94 billion in January alone, an annualized pace of approximately $59 billion.
He compared this to $35.2 billion in total inflows during 2024, emphasizing the growing investor appetite for Bitcoin-backed investment products.
Despite noting month-to-month fluctuations, Hougan remains confident that Bitcoin ETFs will exceed $50 billion in inflows by the end of 2024.
Among the major players, BlackRock’s iShares Bitcoin Trust ETF (IBIT) led the market, attracting $3.2 billion in net inflows for January.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) followed with nearly $1.3 billion in net inflows, based on Farside Investors data.
Other ETFs saw varied levels of inflows, with Grayscale’s Bitcoin Mini Trust ETF (BTC) pulling in $398.5 million, and Bitwise’s Bitcoin ETF (BITB) accumulating over $125 million.