HFSP Arizona
If Arizona Gov had bought bitcoin instead of vetoing SB1025 from 2025 session, they would have 82,370 bitcoin (valued at ~$7.8b on April 28, 2025, when they could have bought at ~$0 per Bitcoin) which
is now worth $0.
About Senate Bill 1025 (May 3, 2025)
Senate Bill 1025, also known as the "Arizona Strategic Bitcoin Reserve Act," allows the Arizona State Treasurer and state retirement systems to invest up to 10% of public funds under their control in virtual currencies, primarily Bitcoin.
Available Public Funds
Based on Arizona's general fund ($28 billion) and state retirement systems ($50 billion), the total public funds under management are approximately $78 billion. The bill permits up to 10% of these funds to be invested in Bitcoin, which equates to $7.8 billion.
Bitcoin Price Context
On April 28, 2025, Bitcoin was trading at approximately $94,680. Using this price point, Arizona could have purchased approximately 82,370 BTC with the $7.8 billion allocation.
Practical Considerations
SB1025 allows but does not mandate investing up to 10%. The actual amount invested could be lower, depending on the State Treasurer's discretion and market conditions. The bill includes provisions for secure storage in a federal Strategic Bitcoin Reserve or cold/multi-signature wallets.