Michigan’s push to become a Bitcoin-holding state is back in motion after months of 0 Takeaways: Michigan has revived a bill to allocate up to 10% of state funds into Bitcoin and crypto 1 move aligns Michigan with states like Texas and New Hampshire pursuing Bitcoin reserve strategies. A global shift is underway, with countries like Pakistan and the Philippines also introducing strategic Bitcoin reserve 2 Bill 4087, which would authorize the state to allocate up to 10% of its general and stabilization funds into Bitcoin and other cryptocurrencies, has been formally referred to the Government Operations 3 in February by Republican Representatives Bryan Posthumus and Ron Robinson, the bill cleared procedural hurdles on Thursday and was placed on the House’s second reading 4 Joins Growing List of States Pursuing Bitcoin Reserve Strategy The move positions Michigan alongside a growing list of states eyeing Bitcoin as a hedge and strategic reserve asset, joining early movers like Texas, New Hampshire, and 5 timing may be 6 Bitcoin trading around $117,000, critics have warned that Michigan could be buying at a market 7 passed, Michigan’s move could accelerate regional 8 like Illinois, Ohio, and Pennsylvania, once exploring their own digital asset reserves, may feel compelled to revive their efforts to avoid falling 9 than 25 10 are actively reviewing similar proposals, according to 11 early August, the US House advanced a federal bill that directs the Treasury Department to study the feasibility of a national Bitcoin reserve, focusing on custody, cybersecurity, and accounting 12 momentum is building as 13 Philippines recently introduced a bill to establish a strategic Bitcoin reserve with a 20-year lockup 14 IN: Michigan Strategic Bitcoin Reserve bill has progressed for the first time since 15 would allow 10% of state funds to be invested in 16 — Bitcoin Archive (@BTC_Archive) September 18, 2025 Meanwhile, El Salvador, the first country to adopt Bitcoin as legal tender , is reportedly adding gold to its national 17 has also taken a major policy turn with its plans to establish a government-led Strategic Bitcoin Reserve, announced in May 2025 by Bilal Bin Saqib, head of the Pakistan Crypto 18 reserve is intended to be held indefinitely, not for speculation, and forms part of a broader push to build crypto regulation, harness surplus energy, and attract investment in digital 19 government has pledged 2,000 megawatts of electricity toward Bitcoin mining and AI data centers, and it is setting up a dedicated regulatory authority (PVARA) to oversee digital asset 20 in Four Bitcoin Treasury Firms Now Trade Below Their BTC Holdings A report by K33 Research reveals that 25% of public companies holding Bitcoin now trade at market values lower than their actual BTC reserves, highlighting a growing disconnect between corporate treasuries and investor 21 firms like NAKA, Semler Scientific, and Twenty One are trading well below net asset value (NAV), raising concerns about dilution and limited capital-raising ability.
K33’s Vetle Lunde warns that trading below NAV hampers funding, as issuing new shares becomes increasingly 22 giants like MicroStrategy still trade at a premium, average NAV multiples have dropped from 3.76 in April to 2.8, and BTC accumulation by treasury firms is slowing, with September seeing the lowest daily inflows since 23 treasury demand cooling, spot ETFs and retail investors are stepping in as the new demand engines.
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