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Alabama is moving closer to becoming one of the first US states to formally invest public money in digital assets.

The proposal, Senate Bill 283, filed by Sen April Weaver this week, would allow up to 10% of state-managed funds to be allocated to cryptocurrencies, limited to those with a market capitalization above $750 billion.

At present, Bitcoin is the only digital asset meeting that requirement.

With over $31 billion in public funds managed by Alabama, the move could shift as much as $3.1 billion into Bitcoin or related exchange-traded products.

To fast-track the legislative process, Alabama legislators have filed identical bills in both the Senate and the House.

Senate Bill 283 and House Bill 482 propose a structured framework that sets strict limitations on what qualifies for investment.

Only cryptocurrencies with a market cap exceeding $750 billion are eligible, automatically excluding all but Bitcoin as of March 2025.

The bill clarifies that these digital assets must be held securely, either by the state treasurer, a qualified custodian, or via exchange-traded products.

Alabama would also be required to monitor its holdings to ensure the total allocation does not exceed 10% of the balance of any given fund at the time of investment.

While there is no fixed timeline for the bill’s passage, the dual-chamber strategy indicates strong momentum and legislative support.

Alabama is not the only state considering adding Bitcoin to its public reserves. Texas also proposed establishing a formal state Bitcoin reserve.

Wyoming has already passed legislation treating Bitcoin as legal property and is integrating digital assets into its broader financial system.

Arizona and Missouri have also considered legislation to position Bitcoin as part of their treasury strategies. However, none of those efforts have yet resulted in enforceable laws.

Alabama’s dual-bill approach may give it a procedural advantage, potentially making it the first state to legally hold a portion of public funds in Bitcoin.

The Alabama proposal’s $750 billion market cap threshold mirrors these broader national discussions but adds a layer of restriction to minimise exposure to volatile or smaller cryptocurrencies.

It effectively narrows the field to Bitcoin alone, given Ethereum’s market cap is currently under the stated minimum.

The move comes as Bitcoin continues to gain legitimacy as a strategic asset.

Bitcoin is already being adopted by institutions through regulated exchange-traded products and corporate treasury allocations.

The timing of Alabama’s legislative efforts aligns with a broader trend of institutional interest in digital assets, driven by inflation concerns and diversification strategies.

The bill’s language also reflects this caution by requiring state-held assets to be managed by qualified custodians or through regulated financial vehicles.

If passed, Alabama’s initiative could influence other states to reconsider the role of digital assets in their own public financial systems.

The bill does not include any plans to add altcoins or stablecoins, which remain excluded due to their lower market capitalisation or regulatory uncertainty.

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