Arizona has passed House Bill 2749, amending its unclaimed-property laws to include cryptocurrencies and establishing a “Bitcoin & Digital Assets Reserve” funded exclusively through unclaimed digital assets. With Governor Katie Hobbs signing the bill, Arizona emerges as the second state, after New Hampshire, to create a legal framework for holding Bitcoin within public reserves. Unlike New Hampshire, Arizona mandates that unclaimed cryptocurrencies be kept in their original form instead of being converted to cash.
Arizona Joins Bitcoin Legislation Movement
The bill, HB 2749, received bipartisan support and was introduced by Rep. Jeff Weninger, the Republican chair of the House Commerce Committee. In a statement regarding the new law, Weninger highlighted the contemporary importance of digital assets: “Digital assets aren’t the future—they’re the present.”
“This legislation allows Arizona to capitalize on existing digital value and positions us to take the lead in securing and managing abandoned cryptocurrencies,” he continued. He emphasized that the law upholds property rights and equips the state to recognize a new form of economic value.
According to the new guidelines, a digital asset is classified as abandoned if the owner does not respond to three years of communication. Once this occurs, the asset holder is required to transfer the tokens—whether Bitcoin, Ether, or other cryptocurrencies—directly to the Arizona Department of Revenue. The law permits qualified custodians to manage assets by staking, collecting airdrops, and utilizing any on-chain distributions from unclaimed wallets.
All revenues generated from these activities, along with any reclaimed coins whose owners later appear, will be funneled into the Bitcoin and Digital Assets Reserve Fund. This account is managed by the State Treasurer and is subject to normal legislative appropriations. Notably, the bill ensures that no funds will be taken from the state’s general fund or taxpayer resources, making it “budget-neutral,” as its supporters emphasize.
The Satoshi Action Fund, which assisted with the bill’s drafting, praised the law as a model for other states. “Arizona has demonstrated how to transform lost assets into a safeguard against inflation,” mentioned Chief Executive Dennis Porter. “With HB 2749, lawmakers have successfully turned idle dollars into digital gold—all without imposing on taxpayers. It represents a win for financial responsibility and for Arizonans who believe in sound money.”
A Distinct Approach Compared to New Hampshire
Governor Hobbs approved the bill just four days after rejecting Senate Bill 1025, a broad initiative that aimed to invest public funds and seized property into Bitcoin. In her veto message, she raised concerns about directing public funds towards “untested assets.”
The more focused nature of HB 2749, dealing solely with assets already held in trust for their rightful owners, seems to have alleviated those concerns. Attention now shifts to Senate Bill 1373, currently on Hobbs’ desk, which would allow the Treasurer to allocate up to 10% of Arizona’s Budget Stabilization Fund to Bitcoin investments.
Arizona’s legislation comes shortly after New Hampshire’s similar move, which approved a Bitcoin Strategic Reserve allowing for a 5% investment of total state funds.
As of the latest update, Bitcoin is trading at $99,348.
