Arizona Passes Bitcoin Reserve Bill
We have a winner in the state race, Arizona become the first state in the US to pass a Bitcoin reserve bill. The Arizona House of Representatives passed the crypto reserve bill in a 31-25 vote with the final step to make this a law in the state hinges on the approval of Arizona Governor Katie Hobbs. Assuming she signs the bill this would allow the state to invest up to 10% of public funds in digital assets including Bitcoin. Additionally, the bills established a Digital Assets Strategic Reserve Fund for seized crypto assets and future appropriations, with mandates for on-chain auditability and standardized risk controls. In 2023, the Arizona State Treasury oversaw more than $31.4 billion in assets, so a 10% allocation, as outlined under the bill would authorize up to $3.14 billion to be invested.
Strategy Completes Buy #12 for 1.4 Billion
Strategy purchased over 15k Bitcoins on April 29th for approximately $1.4 billion at an average price of $92,737 per coin. They now hold 553,555 Bitcoins, valued at approximately $52 billion. The purchase reinforces Strategy's position as the largest corporate Bitcoin holder now controlling over 2.6% of the total Bitcoin supply. The purchase was funded partly by at-the-market (ATM) share sales, reflects their ongoing strategy to use Bitcoin as a primary treasury reserve asset.
BTC Mining to Accelerate in US
US is now allowing Bitcoin miners to construct power plants and data centers adjacent to natural gas fields, significantly reducing energy costs and improving operational efficiency for mining firms. This is expected to boost the U.S. share of global hash rate, attract institutional mining investments, and potentially stabilize Bitcoin network transaction fees as more miners join the ecosystem. Mining is a very tough business that is highly competitive so any edge miners can get is huge to help the survive and thrive.
Quick Hits
- New BTC Fund to be launched by Coinbase
- Hacker steals $330 million from elderly user via social engineering.
- XRP and DOGE ETF decision delayed to June by SEC.
- Circle rejects Ripple $5 billion offer to buy.
- SoFi to bring back crypto trading to 10 million users.
- City of Roswell, New Mexico just set up strategic Bitcoin reserve.
