Arizona has become the first U.S. state to create a Bitcoin and Digital Asset Reserve Fund using unclaimed cryptocurrency, following Governor Katie Hobbs’ approval of a new law that positions the state at the forefront of digital asset management.
On May 7, Hobbs signed House Bill 2749 into law, enabling the state to claim ownership of abandoned crypto assets when owners fail to respond to official outreach within three years. The assets will be managed without touching taxpayer dollars or state funding. They can be staked or used to receive airdrops, earnings from which will be funnelled into Arizona’s newly established digital reserve fund.
“This law ensures Arizona doesn’t leave value sitting on the table,”
said Representative Jeff Weninger, the bill’s sponsor, on May 7.
“We’ve built a structure that protects property rights, respects ownership, and gives the state tools to account for a new category of value in the economy,”
The move comes just days after Hobbs vetoed a similar proposal—Senate Bill 1025—on May 3, allowing the state to invest seized funds into Bitcoin directly. In that case, Hobbs raised concerns about deploying public funds into what she described as “untested assets.”
Despite the veto, the approval of HB 2749 has sparked optimism among crypto advocates, including Bitcoin Laws founder Julian Fahrer, who noted it could signal Hobbs’ willingness to support Senate Bill 1373. That pending legislation would permit Arizona’s treasurer, Kimberly Yee, to invest up to 10% of the state’s Budget Stabilization Fund in Bitcoin.
Arizona’s move follows a similar decision in New Hampshire. Governor Kelly Ayotte signed House Bill 302 on May 6, granting the state treasury authority to invest in cryptocurrencies with market caps exceeding $500 billion—currently a category exclusively occupied by Bitcoin. Meanwhile, Florida has advanced towards adopting Bitcoin as a strategic reserve asset, with House Bill 487 receiving unanimous approval from the House Insurance and Banking Subcommittee on April 10.
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