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Will Arizona Become the First State to Join Feds in Planning a Bitcoin Reserve?
A new approval from Arizona lawmakers to form a digital assets stockpile must still survive a veto potential from the Democratic governor.
Updated Apr 29, 2025, 10:37 p.m. Published Apr 29, 2025, 4:11 p.m.
What to know:
- Arizona's legislature has moved with largely party-line voting to clear a bill through both chambers to form a virtual assets reserve.
- Several other states have advanced similar bills this year, but none have yet reached the finish line.
- The matter now hangs on the approval of Arizona Governor Katie Hobbs, who took a recent stand to veto any legislation until a separate funding matter on constituents with disabilities was resolved, but she signed a bill on that matter last week.
Arizona has broken new ground in what's been a race among U.S. states to see which may become first to set up a crypto reserve as a formal part of their fiscal strategy, getting legislation approved with mostly Republican lawmakers in support.
It's unclear whether Governor Katie Hobbs, a Democrat, will look favorably on the legislation that was rejected by most Democratic lawmakers. She has vetoed a long list of bills in this session, and if she vetoes this, too, the matter is closed for the year.
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If it were approved, Arizona's inclusion of digital assets in its public-funds investments could even outpace the U.S. Treasury Department's effort to get it done, which still awaits a full accounting of the U.S. holdings before federal officials can move to build the reserve that President Donald Trump has called for.
With the Arizona House of Representatives passing the crypto reserve effort in a 31-25 vote on Monday — three Democrats voted in favor — the state surged past others considering similar measures, including New Hampshire, where a bill has passed its House.
But Hobbs has been in a budget dispute with Republican lawmakers.
"Any bill not already on my desk will be vetoed until we have a serious, bipartisan funding solution that protects health care for Arizonans with disabilities," the governor had said in an April 17 posting on social media site X. That matter may have been resolved with her signature on a disabilities-funding bill last week.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Canadian Province Wins Forfeiture of $1M QuadrigaCX Co-Founder's Cash, Gold via Default Judgment
The ruling transfers cash, gold bars, watches, and jewelry seized from a CIBC safety deposit box and bank account into government hands after Patryn did not defend the case.
What to know:
- The Supreme Court of British Columbia has forfeited $1 million in cash and gold tied to QuadrigaCX's co-founder, Michael Patryn, to the government.
- Patryn did not contest the forfeiture, which involved 45 gold bars, luxury watches, and over $250,000 in cash seized under an Unexplained Wealth Order.
- The forfeiture may lead to a process determining if any assets can be directed to QuadrigaCX's creditors, who received 13 cents on the dollar in the bankruptcy settlement.
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