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.
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.
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.
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