The North Carolina House of Representatives recently approved a bill enabling the state treasurer to invest in certain cryptocurrencies, marking a significant move towards the adoption of digital assets in public funds management. The legislation, dubbed the Digital Assets Investment Act or House Bill 92, sailed through the House with a 71 to 44 vote on April 30 and is now headed to the Senate for further deliberation. Proposed by Republican House Speaker Destin Hall in February, this bill would allow up to 5% of the state’s investment portfolio to be allocated to selected digital currencies.
Significantly, the bill stipulates that any investment in digital assets must undergo a rigorous evaluation by an independent third party to ensure it meets stringent custody, risk management, and compliance standards. An amendment also opens up the possibility for public retirement and deferred compensation plan members to invest in digital assets via exchange-traded products (ETPs).
In a parallel development, the House passed the State Investment Modernization Act, or House Bill 506, by an overwhelming margin of 110 to 3. This bill proposes the creation of the North Carolina Investment Authority (NCIA), which would take over the state treasurer’s current investment responsibilities. Under this legislation, the NCIA would have the power to invest in cryptocurrencies, subject to board approval and third-party validation. State Treasurer Brad Briner has expressed his support for both legislative proposals.
This initiative positions North Carolina alongside Arizona in pioneering frameworks for crypto-related public investments. With the potential approval of these bills, North Carolina could join a select group of states actively incorporating digital assets into their financial strategies.
The embrace of Bitcoin and other cryptocurrencies has been gaining momentum across the U.S., with 47 Bitcoin reserve bills introduced in 26 states and 41 still active. Kentucky recently added its name to the list of states supporting digital asset initiatives by enacting the “Bitcoin Rights” bill.
Publicly traded companies have also shown a growing interest in Bitcoin, with their holdings increasing by 16.1% in the first quarter of 2025. This uptick reflects a robust institutional faith in Bitcoin amidst market fluctuations, with total corporate holdings in the cryptocurrency reaching an estimated value of $56.7 billion at the quarter’s close. Healthcare technology company Semler Scientific’s recent $10 million Bitcoin acquisition further highlights the strategic shift towards digital assets in the corporate sector.
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