Updated December 8, 2025: Ohio’s original Bitcoin Reserve Act (HB 703) expired when the 135th General Assembly ended December 31, 2024. Two new Bitcoin reserve bills, SB 57 and HB 18, have since been introduced in the 136th Assembly. This article has been updated to reflect current legislative status.
Ohio Bitcoin Reserve Act proposed by Derek Merrin allows the state treasury to invest in Bitcoin, hedging against inflation and U.S. dollar volatility.
The Bitcoin Reserve Act
Ohio State Representative Derek Merrin filed House Bill 703 on December 17, introducing the Ohio Bitcoin Reserve Act to authorize state investments in Bitcoin, aiming to preserve public funds amidst U.S. dollar uncertainty.
MONCLOVA TOWNSHIP – Ohio has taken a significant step toward embracing Bitcoin as a state-backed financial asset. State Representative Derek Merrin introduced House Bill 703, titled the Ohio Bitcoin Reserve Act, establishing a legal framework for the state treasury to invest in Bitcoin.
In a statement, Merrin underscored the urgency of adapting to current economic challenges.
The U.S. Dollar is being rapidly devalued, and our State Treasurer should have the authority and flexibility to invest in Bitcoin when determining proper asset allocation. Ohio must embrace technology and protect tax dollars from eroding, said Merrin.
The bill, filed during Ohio’s 135th General Assembly, does not mandate Bitcoin purchases but grants the State Treasurer discretionary power to explore Bitcoin as a tool to hedge against inflation and bolster Ohio’s financial reserves.
Merrin also made a post of the official bill on social media particularly (X, Formerly Twitter) saying:
A Growing Trend of Bitcoin Adoption
This move mirrors a growing interest among governments and institutions worldwide in Bitcoin as a strategic reserve asset. The legislation aligns with similar initiatives in states like Texas and Pennsylvania, which have explored integrating Bitcoin into their financial frameworks.
Supporters of the bill highlighted that governments worldwide are exploring Bitcoin as a strategic reserve asset. Since HB 703’s introduction, three states have successfully enacted Bitcoin reserve legislation: New Hampshire (May 2025), Arizona (May 2025), and Texas (June 2025), with Texas making its first $5 million purchase in November 2025.
Florida’s initial bills failed before a revised approach emerged with HB 183. The varied outcomes highlight both the momentum behind state Bitcoin reserves and the political challenges they face.
Why Bitcoin?
Bitcoin, often hailed as “digital gold,” has gained traction as a hedge against inflation and currency devaluation due to its decentralized nature and fixed supply. With the U.S. dollar undergoing volatility and inflation pressures, states like Ohio are considering Bitcoin as a supplemental asset to stabilize state finances and maintain public fund value.
Merrin cited Bitcoin’s disruptive potential, stating,
Bitcoin is revolutionizing finance and will reshape world economies. We must have sound money, it’s like digital property rights for everyone who owns it.
The Ohio Bitcoin Reserve Act positions Ohio to leverage Bitcoin’s strengths without compelling immediate purchases. Instead, it sets a legal precedent and offers flexibility for future decisions.
Risks and Opposition
Not all stakeholders support state Bitcoin reserves. Critics point to Bitcoin’s price volatility—the asset has experienced drawdowns exceeding 50% multiple times, as inappropriate risk for taxpayer funds. Montana Representative Steven Kelly, whose state rejected similar legislation, stated: “It’s still taxpayer money, and we’re responsible for it, and we need to protect it.”
Fiduciary responsibility concerns remain central to opposition arguments. Questions about custody security, the state’s expertise in managing cryptocurrency holdings, and the potential for significant losses weigh against the inflation-hedge benefits proponents cite.
Broader Implications
If passed, Ohio could join the ranks of early adopters among U.S. states, potentially sparking similar legislative efforts across the country. This aligns with a larger movement among institutional investors who view Bitcoin as a safeguard during periods of economic uncertainty.
Bitcoin advocates see this bill as a landmark opportunity for mainstream adoption and a critical step toward integrating digital assets into public financial policy. However, skeptics raise concerns about Bitcoin’s price volatility and its long-term suitability for state investments.
What’s Next?
The 135th General Assembly concluded on December 31, 2024, and HB 703 expired without advancing. However, Merrin’s proposal served its intended purpose as a framework, two new Bitcoin reserve bills (SB 57 and HB 18) have been introduced in the 136th Assembly.
Ohio’s Bitcoin reserve effort continues, joining a nationwide movement with mixed results: three states have enacted legislation, while several others, including Montana, North Dakota, Wyoming, and Pennsylvania, have rejected similar proposals.
2025 Update: New Ohio Bitcoin Reserve Bills
Ohio’s original HB 703 expired with the 135th General Assembly on December 31, 2024. However, lawmakers have since introduced two new Bitcoin reserve bills in the 136th Assembly:
Senate Bill 57 (Ohio Bitcoin Reserve Act)
Introduced by Senator Sandra O’Brien, SB 57 authorizes state investment in Bitcoin and requires state entities to accept cryptocurrency payments.
House Bill 18 (Strategic Cryptocurrency Reserve Act)
Introduced by Representative Steve Demetriou, HB 18 permits the Treasurer of State to invest certain interim funds in digital assets and addresses investments in exchange-traded products by state retirement systems.
Both bills are currently under consideration. For the latest status, visit the Ohio Legislature website.
This article is for informational purposes only and does not constitute financial, investment, or trading advice. Cryptocurrency investments carry significant risk. Always conduct your own research and consult a qualified financial advisor before making investment decisions.
For updates and news on Bitcoin adoption and legislative progress, follow us on X (Formerly Twitter) for updates on the Cryptocurrency and Blockchain landscape.
This article is for informational purposes only and does not constitute financial, investment, or trading advice. Cryptocurrency investments carry significant risk. Always conduct your own research and consult a qualified financial advisor before making investment decisions.
Sources
- Ohio Legislature. (2024). House Bill 703. legislature.ohio.gov
- Ohio Legislature. (2025). Senate Bill 57. legislature.ohio.gov
- Ohio Legislature. (2025). House Bill 18. legislature.ohio.gov
- Bitcoin Reserve Monitor. (2025). Ohio Strategic Bitcoin Reserve Status. bitcoinreservemonitor.com
Update History
- December 8, 2025: Major update reflecting HB 703 expiration and introduction of new bills (SB 57, HB 18). Added balanced coverage, disclaimer, and sources. Updated state comparison to reflect 2025 outcomes.
- December 18, 2024: Original publication.
