Michigan’s push to become a Bitcoin-holding state is back in motion after months of dormancy.
Key Takeaways:
Michigan has revived a bill to allocate up to 10% of state funds into Bitcoin and crypto assets. The move aligns Michigan with states like Texas and New Hampshire pursuing Bitcoin reserve strategies. A global shift is underway, with countries like Pakistan and the Philippines also introducing strategic Bitcoin reserve plans.House Bill 4087, which would authorize the state to allocate up to 10% of its general and stabilization funds into Bitcoin and other cryptocurrencies, has been formally referred to the Government Operations Committee.
Introduced in February by Republican Representatives Bryan Posthumus and Ron Robinson, the bill cleared procedural hurdles on Thursday and was placed on the House’s second reading calendar.
Michigan Joins Growing List of States Pursuing Bitcoin Reserve Strategy
The move positions Michigan alongside a growing list of states eyeing Bitcoin as a hedge and strategic reserve asset, joining early movers like Texas, New Hampshire, and Arizona.
The timing may be notable. With Bitcoin trading around $117,000, critics have warned that Michigan could be buying at a market peak.
If passed, Michigan’s move could accelerate regional pressure. States like Illinois, Ohio, and Pennsylvania, once exploring their own digital asset reserves, may feel compelled to revive their efforts to avoid falling behind.
More than 25 U.S. states are actively reviewing similar proposals, according to BitcoinLaws.io. In early August, the US House advanced a federal bill that directs the Treasury Department to study the feasibility of a national Bitcoin reserve, focusing on custody, cybersecurity, and accounting standards.
International momentum is building as well. The Philippines recently introduced a bill to establish a strategic Bitcoin reserve with a 20-year lockup period.
Meanwhile, El Salvador, the first country to adopt Bitcoin as legal tender, is reportedly adding gold to its national reserves.
Pakistan has also taken a major policy turn with its plans to establish a government-led Strategic Bitcoin Reserve, announced in May 2025 by Bilal Bin Saqib, head of the Pakistan Crypto Council.
The reserve is intended to be held indefinitely, not for speculation, and forms part of a broader push to build crypto regulation, harness surplus energy, and attract investment in digital infrastructure.
The government has pledged 2,000 megawatts of electricity toward Bitcoin mining and AI data centers, and it is setting up a dedicated regulatory authority (PVARA) to oversee digital asset activity.
One in Four Bitcoin Treasury Firms Now Trade Below Their BTC Holdings
A report by K33 Research reveals that 25% of public companies holding Bitcoin now trade at market values lower than their actual BTC reserves, highlighting a growing disconnect between corporate treasuries and investor confidence.
Smaller firms like NAKA, Semler Scientific, and Twenty One are trading well below net asset value (NAV), raising concerns about dilution and limited capital-raising ability.
K33’s Vetle Lunde warns that trading below NAV hampers funding, as issuing new shares becomes increasingly dilutive.
While giants like MicroStrategy still trade at a premium, average NAV multiples have dropped from 3.76 in April to 2.8, and BTC accumulation by treasury firms is slowing, with September seeing the lowest daily inflows since May.
Despite treasury demand cooling, spot ETFs and retail investors are stepping in as the new demand engines.
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