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Montana’s attempt to top up its coffers with Bitcoin (BTC) was thwarted on Feb. 21 when the state’s House of Representatives voted against a bill that would have made the world’s oldest and most valuable digital currency a state reserve asset. Montana House Rejects Bitcoin Reserve Bill House Bill 429, presented earlier this month by Representative Curtis Schomer, aimed to establish a special revenue account allowing up to $50 million in investment in stablecoins, precious metals, and crypto assets with an average market capitalization of over $750 billion during the past calendar year — a criterion that only Bitcoin currently meets. According to Schomer, the goal was to diversify the state’s assets and potentially create higher returns than traditional bond investments. Despite some support, opposition, citing the speculative nature of the investment, prevailed — resulting in a 41-59 vote in the House. Many Republicans were concerned that the proposal would have allowed Montana’s investment board to speculate too heavily with taxpayer money. “It’s still taxpayer money, and we’re responsible for it, and we need to protect it,” State rep Steven Kelly stated during the House Floor Session on Friday, adding that “these types of investments are way too risky.” This came just a few days after Montana’s business and labor committee passed House Bill 429 in a 12-8 vote, with all Republicans voting in favor and all Democrats opposing. The bill is now basically dead, meaning that any future Bitcoin reserve bill would need to be introduced afresh into Montana’s legislature. State And National Pushes For Bitcoin Reserve While Montana is erring on the side of caution, the push for Bitcoin reserves is garnering momentum elsewhere, with multiple other U.S. states advancing further toward integrating digital assets into public finance. Approximately 24 states, including Arizona, Illinois, Maryland, New Hampshire, New Mexico, Kentucky, Ohio, Pennsylvania, North Dakota, South Dakota, Texas, Oklahoma, and Georgia, have introduced legislation to create a Bitcoin reserve. Utah’s HB230 Blockchain and Digital Innovation Amendments bill, which allows the state treasurer to allocate around 5% of public resources to digital assets, has made the most regulatory progress so far. In the meantime, countries like Switzerland, Brazil, Japan, and Russia are also considering adding Bitcoin to their strategic national reserves.

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Metaplanet has added 135 Bitcoin to its treasury, strengthening its position as one of Japan’s most active corporate Bitcoin investors. On Feb. 25, the company announced the 1.939 billion yen ($12.8 million) purchase, bringing its total Bitcoin ( BTC ) holdings to 2,235 BTC at an average price of 12.44 million yen ($82,000) per Bitcoin. *Metaplanet purchases additional 135 $BTC * pic.twitter.com/JA3Rd9E8lP Like Strategy (formerly MicroStrategy), which owns the biggest corporate Bitcoin treasuries, Metaplanet has been gradually growing its holdings since launching its Bitcoin Treasury Operations. The company’s BTC Yield, which measures the amount of Bitcoin held per share, grew by 309.8% in Q4 2024. It has however slowed down to 23.2% in early 2025 as Metaplanet increased the number of its shares. Metaplanet continues to leverage capital market activities to finance its Bitcoin purchases. In January, Metaplanet offered 21 million stock acquisition rights to EVO FUND, managed by Evolution Capital Management, followed by early bond redemptions of 4 billion yen ($26.5 million) in February. Since it started purchasing Bitcoin in April 2024, Metaplanet’s stock price has increased by more than 3000%, making it the best-performing stock in Japan. On Feb. 18, the company announced a 10-to-1 stock split that would go into effect on Apr. 1, to make shares more accessible. The initiative comes after a prior reverse stock split in August 2024 that combined ten shares into one. Now that the stock price is above 6000 yen a share, the company is dividing shares once more to increase liquidity and draw in new investors. Metaplanet’s strategy may provide a template for other businesses looking to incorporate Bitcoin into their balance sheets, given Japan’s progressive views on the cryptocurrency.

Banking Giant Societe Generale and Banque de France Complete Tokenized Bond Transaction on Ethereum European banking giant Societe Generale has successfully completed a collateralized market transaction using tokenized bonds issued in 2020 on the Ethereum (ETH) blockchain.  Tokenized bonds are a digital representation of traditional bonds that can be held and traded on a blockchain. The immutable nature of blockchains aims to promise a tamper-proof recording of ownership and transaction history of these tokens. In a statement, Societe Generale says it fully executed a tokenized bond transaction on Ethereum through its subsidiary FORGE.   The bonds were deposited to serve as collateral in exchange for the central bank digital currency (CBDC) that France’s central bank, Banque de France, issued on its DL3S blockchain. Societe Generale says the transaction marks the first time a repurchase .

Strategy is once again making headlines with a new bitcoin acquisition. With this latest operation, the company surpasses 499,000 BTC. This strengthens its position among the leading bitcoin holders in the world! Between February 18 and 23, Strategy added 20,356 BTC to its portfolio, bringing the total to nearly 500,000 bitcoins. This represents over 2.3% of the global supply. At an average price of $97,514 per bitcoin , this acquisition demonstrates the company’s ambitious strategy to strengthen its position in the digital asset market. The total cost of the acquisition amounts to $33.1 billion, according to Executive Chairman Michael Saylor. The recent acquisitions of bitcoins follow a $2 billion convertible bond issuance that was recently closed. This operation thus allows Strategy to finance its BTC acquisition strategy, despite a mixed performance outlook for its core business in 2024. With a total of 499,096 BTC, the company is nearing the symbolic threshold of 500,000 bitcoins. Despite volatility in the bitcoin market, Strategy’s accumulation strategy seems indeed well-defined. Some Wall Street analysts consider this strategy rational despite the risks. Other institutional investors like BlackRock and CalSTRS continue to support Strategy by increasing their stakes in the company. The latter also benefits from strong capitalization, although Strategy’s stock has recently dropped. According to data, it closed at $299.69. With nearly 500,000 bitcoins in its reserves, MicroStrategy continues to bolster its position in the cryptocurrency market, while Metaplanet aims to reach 10,000 BTC by 2025 . This bold (if risky!) strategy could well define a new era of institutional investments in bitcoin.