South Dakota Proposes Bitcoin Investment for State Funds
- Representative Logan Manhart has reintroduced a bill to allow South Dakota to invest in Bitcoin.
- House Bill 1155 proposes up to a 10% investment of the state’s funds in Bitcoin, either directly or through exchange-traded products.
- South Dakota’s investment funds, which manage $20.56 billion, reported a return of only 5.5% last year, underperforming their benchmark of 12.5%.
- To date, only Arizona, New Hampshire, and Texas have enacted Bitcoin reserve legislation in the U.S., with limited implementation.
The proposal by Logan Manhart aims to improve the performance of South Dakota’s underperforming investment funds by diversifying into Bitcoin. This move aligns with similar legislative efforts in nearly thirty states across the U.S., though most have not succeeded so far.
