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The bill, called the Arizona Strategic Bitcoin Reserve Act, was passed on Monday by Arizona’s state legislature, Bloomberg Government reported.
If signed by Democratic Governor Katie Hobbs, the state would be the first to require public funds to invest in bitcoin.

Lawmakers in Arizona have passed a bill allowing the state treasurer and retirement system to invest up to 10% of available funds in digital assets, specifically bitcoin, sending it to the governor’s desk for approval, according to Bloomberg Government.

The bill, called the Arizona Strategic Bitcoin Reserve Act, passed Monday in the state legislature, Bloomberg Government reported.

"This bill represents an emerging approach by a state government to integrate cryptocurrency into public financial management, reflecting the growing mainstream acceptance of digital assets," according to the bill text's summary.

The bill's cosponsors are both Republicans: Sen. Wendy Rogers and Rep. Jeff Weninger. If signed by Democratic Governor Katie Hobbs, the state would be the first to require public funds to invest in Bitcoin.

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Several states, including Iowa, Missouri, and Texas, are weighing whether to establish a strategic bitcoin reserve. At the federal level, President Donald Trump signed an executive order in March establishing a strategic bitcoin reserve and digital asset stockpile.

Some asset managers have weighed in on how much bitcoin investors should hold. BlackRock recommended in December allocating 1% to 2% of a portfolio to bitcoin, according to Business Insider. Fidelity has suggested a slightly higher range, recommending 2% to 5%.