Illinois Introduces Bitcoin Reserve Bill, Joining Growing List of States

Illinois has joined a growing list of U.S. states exploring the possibility of crypto reserves as part of their financial strategy.

State Representative John Cabello has introduced House Bill 1844 (HB1844) which would establish a Strategic Bitcoin Reserve Fund under the state treasury.

If passed, the Illinois State Treasurer would manage the fund, with all Bitcoin deposits held for a minimum of five years before the state could “transfer, sell, appropriate, or convert to another cryptocurrency any Bitcoin in the Fund.”

The surge in state-level Bitcoin reserve proposals has accelerated since President Donald Trump’s return to the White House, with at least half a dozen states advancing or introducing similar bills in January alone.

HB1844 allows Illinois to accept gifts, grants, and donations of Bitcoin from the state residents and governmental entities.

This makes Illinois one of the first states to consider voluntary Bitcoin contributions as part of its public finance strategy.

In addition, HB1844 mandates regular audits and biennial reports, detailing the total amount of Bitcoin in the fund, its U.S. dollar equivalent, and any security risks encountered.

The proposal outlines strict security measures, mandating that Bitcoin held in the fund be stored in cold storage—a secure, offline method designed to prevent unauthorized access.

The State Treasurer is authorized to adopt rules necessary to administer the fund, including protocols for secure storage, transaction management, and reporting standards.

Czech Central Bank to Consider $7 Billion Bitcoin Reserve: Report

The head of the Czech central bank is about to make a move that would have been unthinkable just a few years ago—he wants to add Bitcoin to the nation's reserves. Czech National Bank (CNB) Governor Aleš Michl will present a proposal this Thursday that could see up to $7 billion of the country's wealth flow into crypto, potentially making it the first Western central bank to hold digital assets. "For the diversification of our assets, Bitcoin seems good," Michl said in an interview with the Finan...

The conversation around Bitcoin as a national financial asset intensified further this week after Czech National Bank Governor Aleš Michl announced he would propose adding up to $7 billion worth of Bitcoin to the country’s national reserves.

Shortly after the Czech proposal surfaced, Wyoming Senator Cynthia Lummis called for swift action from the U.S., tweeting,

“If you’re not first, you’re last. America must take decisive action to establish a Strategic Bitcoin Reserve and secure its place in the 21st century.”

States exploring Bitcoin reserves

Illinois is far from alone in its Bitcoin ambitions.

Just a day before Illinois introduced HB1844, Arizona advanced a bill allowing public funds and pensions to invest in Bitcoin.

In Texas, Lieutenant Governor Dan Patrick has made a state Bitcoin reserve one of his 2025 legislative priorities in his latest proposal.

Indiana’s House Bill 1322 (HB1322) goes beyond reserves, directing the state to explore how blockchain technology can enhance government efficiency, data security, and consumer experience.

Pennsylvania Lawmakers Want a Strategic Bitcoin Reserve

House Representatives in Pennsylvania have put forward a bill that would see a strategic Bitcoin reserve introduced at the state level. This comes after noise around a potential national Bitcoin reserve were amplified following Donald Trump securing reelection as President of the United States. The bill would allow the state Treasurer to invest “up to 10%” of the State General Fund, Rainy Day Fund, and the State Investment Fund into Bitcoin. This is a move to protect Pennsylvania's funds against...

The bill also allows public employee pension funds to invest in Bitcoin ETFs.

Several other states—including Pennsylvania, Oklahoma, North Dakota, and South Dakota—have also put forth or advanced their own Bitcoin-related proposals.