Arizona Moves Closer to Creating Bitcoin Reserve as Bill Passes Final Senate Vote

Arizona moved closer to establishing a bitcoin BTC reserve fund after the state's Senate voted in favor of the bill at its third reading.

Arizona's Senate passed House Bill 2324 (HB2324) in a 16-14 vote on Thursday, sending it back to House for a final decision.

The legislation would update Arizona's laws on forfeiture, allowing the state to hold abandoned digital assets as unclaimed property. It also creates a "Bitcoin and digital assets reserve fund" to manage the forfeited assets.

It follows House Bill 2749 (HB2749), enacted in April, which amended unclaimed property frameworks to integrate digital assets.

The bill is distinct from Senate Bill 1025 (SB1025), which proposed using seized funds to invest in BTC. That passed the House 31-25 before being vetoed by Governor Katie Hobbs, who referred to cryptocurrency as an "untested investment."

The only state to have completed the legislative process for creating a BTC reserve is New Hampshire. Like Arizona, a bill in Texas is also in its final stages.