In March 2025, former U.S. President Donald Trump signed an executive order establishing a Strategic Bitcoin Reserve. The reserve is composed entirely of confiscated digital assets, mostly Bitcoin seized by U.S. authorities in criminal investigations. The estimated balance is around 200,000 BTC, which the government intends to hold long term without active trading or new purchases (WhiteHouse.gov).
Now, two U.S. states have launched their own initiatives:
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New Hampshire passed a law permitting up to 5% of state funds to be invested in Bitcoin and other digital assets with a market cap above $500 billion (CoinDesk).
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Arizona established a state crypto reserve that allows unclaimed digital assets to be transferred to government custody and held as part of the state’s treasury (Bitcoin Magazine).
In contrast, the Swiss National Bank (SNB) has rejected the idea of holding Bitcoin as a reserve asset. SNB President Martin Schlegel cited volatility and systemic risk as the main reasons for dismissing Bitcoin as a central bank reserve option (Swissinfo.ch).
Interestingly, the SNB does have indirect Bitcoin exposure via equity holdings in companies like MicroStrategy, which holds over 214,000 BTC on its balance sheet (Blockzeit).
