In a historic move that could reshape the financial infrastructure of U.S. states, the North Carolina House of Representatives passed House Bill 92 (HB 92) on April 30, 2025. Commonly referred to as the Digital Assets Investment Act, the legislation passed with a 71–44 vote and marks a significant shift in public investment strategy, permitting the state treasurer to allocate up to 5% of select public funds into digital assets, including Bitcoin.
Under the bill’s provisions, any such investments will require third-party evaluations to ensure secure custody and regulatory compliance. This approach is intended to balance innovation with prudent oversight, aiming to safeguard taxpayer funds while capitalizing on the long-term growth potential of decentralized digital currencies.
Beyond direct investment, HB 92 mandates two exploratory studies. One study will evaluate whether state employees should be given the option to invest a portion of their retirement and deferred compensation plans into exchange-traded products (ETPs) that track digital assets. The second study focuses on the feasibility of establishing a state-managed digital asset reserve for confiscated or forfeited cryptocurrencies, in collaboration with the State Bureau of Investigation and other law enforcement agencies.
Bitcoin Reserve Bill Introduced as Companion Legislation
Complementing HB 92 is Senate Bill 327 (SB 327), titled the North Carolina Bitcoin Reserve and Investment Act. Still under consideration, this bill proposes authorizing the state treasurer to invest up to 10% of public funds directly into Bitcoin. SB 327 outlines detailed guidelines for secure storage, periodic audits, and even the possibility of leveraging Bitcoin for yield-generating strategies such as staking and lending. Should the legislation pass, North Carolina would establish one of the most forward-looking digital asset frameworks among U.S. states.
New Investment Authority to Oversee $127 Billion Portfolio
To manage this evolving investment landscape, lawmakers also passed House Bill 506 (HB 506), which calls for the creation of the North Carolina Investment Authority (NCIA). This five-member board would include the state treasurer and appointed representatives from the governor and legislative leaders. The NCIA will oversee the state’s $127 billion investment portfolio, including traditional financial instruments and the emerging digital asset class.
Together, these legislative efforts reflect North Carolina’s growing commitment to financial modernization. By embracing digital assets within a regulated framework, the state positions itself at the forefront of crypto adoption in the public sector. If successfully implemented, these policies could serve as a blueprint for other states navigating the intersection of public finance and decentralized technology.
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