South Dakota Lawmaker Revives Bitcoin Reserve Push

South Dakota lawmaker Logan Manhart has reintroduced a proposal that would let the state invest part of its public funds in Bitcoin (BTC). His new bill, HB 1155, filed this week, would authorise the State Investment Council to place up to 10% of its portfolio into BTC.

The measure is a near repeat of Manhart’s 2025 effort, which was deferred, with only small edits to state code. The intent is to classify Bitcoin as an eligible reserve asset alongside more traditional investments. 

Manhart, a Republican representing the 1st District since 2025, promoted the bill on X with the slogan “Strong money. Strong state.”

I am proud to say I have released my bill that would allow the State of South Dakota to invest in Bitcoin. Strong money. Strong state.

Logan Manhart, South Dakota State Representative.

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South Dakota Pursuing Its Bitcoin Reserve

If enacted, South Dakota would join a small group of US states that already have laws covering direct Bitcoin exposure or the holding of seized crypto, including Texas, Arizona and New Hampshire. New Hampshire has also approved a US$100 million (AU$153 million) Bitcoin-backed municipal bond, tying local financing to the asset.

The push comes as federal-level Bitcoin plans remain harder to execute. In March 2025, President Donald Trump signed an executive order to create a Strategic Bitcoin Reserve and a Digital Asset Stockpile using crypto from asset forfeiture. 

According to White House Crypto Council director Patrick Witt, implementation has been slowed by legal constraints, and the order does not authorise outright purchases. Treasury Secretary Scott Bessent has since argued there are “budget-neutral” ways for the US government to obtain Bitcoin, but those approaches have yet to be detailed in law.

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