North Carolina Proposes Bills to Allow Bitcoin Investments in State Pension Funds

North Carolina legislators have introduced new bills aiming to modernize the state’s investment strategies by allowing state pension funds to include digital assets like Bitcoin.

Representative Brenden Jones filed House Bill 506 (Investment Modernization Act) on March 24, followed by Senate Bill 709 (State Investment Modernization Act) a day later. Both bills propose the creation of a new authority—the North Carolina Investment Authority—under the state Treasury, which would be tasked with managing digital asset investments.

If passed, the authority could invest up to 5% of state retirement funds into digital assets such as cryptocurrencies, stablecoins, NFTs, and other electronic assets. The proposal does not mandate specific assets, but all investments would undergo strict risk-reward evaluations and require secure custody measures.

This flexible framework differs from other state-level efforts by not requiring a minimum market capitalization for eligible assets, giving the investment authority broader discretion.

While not a direct “Bitcoin reserve” plan, North Carolina is separately considering Senate Bill 327—the Bitcoin Reserve and Investment Act. Filed on March 18, it proposes allocating up to 10% of public funds solely into Bitcoin, stored in multi-signature cold wallets, and only accessible in financial emergencies with legislative approval. The bill also proposes the creation of a Bitcoin Economic Advisory Board.

North Carolina’s legislative efforts are part of a broader national movement. So far, 41 Bitcoin reserve-related bills have been introduced in 23 U.S. states. Kentucky recently passed its own “Bitcoin Rights” law, while Oklahoma and Arizona are advancing similar proposals.