Ohio House Republican leader Derek Merrin has introduced a bill to allow the state treasury to purchase Bitcoin as part of its asset allocation strategy. The move positions Ohio as the third U.S. state to propose a Bitcoin reserve in recent weeks.
The Ohio Bitcoin Reserve Act, or HB 703, would give the state treasurer the authority—but not the requirement—to hold Bitcoin as part of the state’s financial reserves. The bill aims to protect Ohio’s tax dollars from inflation and the devaluation of the U.S. dollar. While introduced in the 135th General Assembly, the bill must be reintroduced in the 136th session, starting Jan. 6, 2025, due to the legislature’s adjournment on Dec. 31.
The bill was introduced on Dec. 17, 2024. If reintroduced in January 2025, it could serve as a framework for Ohio to establish Bitcoin as a state-held reserve asset within the next two years.
Ohio joins Texas and Pennsylvania in proposing Bitcoin reserves at the state level. Texas recently introduced the Texas Strategic Bitcoin Reserve Act on Dec. 12, while Pennsylvania proposed holding up to 10% of its treasury in Bitcoin on Nov. 12.
Merrin argues that Bitcoin offers a hedge against inflation and the declining value of the U.S. dollar, describing it as a revolutionary financial asset that ensures “digital property rights for everyone who owns it.” He believes that embracing Bitcoin can enhance Ohio’s fiscal resilience and align the state with emerging financial technologies.
If enacted, the bill would grant Ohio’s state treasurer the flexibility to allocate funds into Bitcoin as part of a diversified financial strategy. The legislation could pave the way for broader adoption of cryptocurrency at the state level. Merrin, a self-described “strong defender of crypto,” has been a vocal advocate for digital asset frameworks and holds an “A” rating from the crypto advocacy group Stand With Crypto.
Ohio’s move follows Donald Trump’s presidential election victory in November, which has fueled discussions of Bitcoin reserves at both state and federal levels. Trump has suggested the possibility of a national Bitcoin reserve, adding momentum to state-led initiatives.
