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Briefly
- Consultant Logan Manhart submitted a invoice to introduce Bitcoin holdings into the state’s funding funds this week.
- Manhart's transfer comes practically a 12 months after his first try to determine a reserve was shut down.
- Lawmakers in practically 30 states have launched Bitcoin reserve-related laws, although most efforts have failed.
South Dakota lawmaker Logan Manhart made a renewed try on Tuesday to introduce Bitcoin holdings into the state’s funding funds, following a earlier proposal that was shot down in February final 12 months.
“Robust cash. Robust state,” the Republican State Consultant tweeted.
I’m proud to say I’ve launched my invoice that will enable the State of South Dakota to put money into Bitcoin.
Robust cash. Robust state.
— Logan Manhart (@ManhartLogan) January 27, 2026
Home Invoice 1155 would allow the state to take a position as much as 10% of its funding funds in Bitcoin, both held instantly or via an exchange-traded product.
The proposal comes as South Dakota’s funding funds—which assist providers reminiscent of training, healthcare, and retirement techniques—proceed to underperform. With $20.56 billion in property underneath administration, the South Dakota Funding Council reported a return of 5.5% final 12 months, nicely under its 12.5% benchmark, in keeping with its 2025 annual report.
Greater than half of the portfolio is presently allotted to public equities, with smaller parts invested in areas reminiscent of actual property and debt.
Spurred on by President Donal Trump’s embrace of crypto, a number of states have moved to introduce their very own crypto reserve payments, usually backed by pro-Trump lawmakers reminiscent of Manhart.
Payments have been submitted in 28 states, in keeping with Bitcoin Legal guidelines’ strategic reserve tracker. Nonetheless, most have failed to achieve traction. A complete of 33 have been killed, most on the first committee studying stage. 9 proposals in six states stay ongoing.
Manhart himself first launched a Bitcoin reserve invoice in January final 12 months, tagging Donald Trump and Elon Musk in a social media put up asserting the proposal.
That invoice was learn in February and referred to the Home Commerce and Vitality Committee, which voted 9–3 to “defer to the forty first legislative day.” The maneuver is utilized in South Dakota’s 40-day legislative classes to kill a invoice by suspending consideration till after the session ends.
Bitcoin state reserves within the U.S.
To this point, solely three states—Arizona, New Hampshire, and Texas—have enacted Bitcoin reserve laws. However implementation has been restricted.
In Arizona, proposals for a full strategic reserve have been repeatedly blocked by the governor’s workplace, with solely a reserve for seized provisions enacted in Might final 12 months.
New Hampshire permits as much as 5% of funds to be invested in digital property with a market cap of over $500 billion, that means solely Bitcoin qualifies. It isn’t clear if the state has truly bought any Bitcoin but, though it does plan to launch a Bitcoin-backed bond later this 12 months.
And in Texas, whereas the state can make investments as much as 5% of state funds into Bitcoin, it has up to now solely purchased $5 million price.
Different states have additionally superior pro-crypto laws this month. In Arizona, the Senate Monetary Committee voted 4-3 this week to advance Senate Invoice 1044, exempting digital foreign money from property taxes. Kansas has additionally launched a invoice for its personal strategic reserve.
