Overview
- Rep. Logan Manhart filed House Bill 1155 on Jan. 27, placing the measure at the start of the legislative process under initial committee review.
- The bill authorizes the State Investment Council to allocate up to 10% of eligible funds to Bitcoin, a cap that could translate into multi‑billion‑dollar exposure based on a $16–$17 billion pool.
- Exposure could be held directly, through qualified custodians, or via exchange‑traded products issued by registered investment companies and approved by relevant U.S. regulators or South Dakota’s Division of Banking.
- Operational safeguards include exclusive private‑key control by the council, hardware‑encrypted storage in multiple secure locations, multi‑party authorization, detailed audit logs, regular security audits and penetration testing, and disaster recovery protocols.
- The measure revives a 2025 bill that stalled in committee and aligns with a broader state trend exploring limited Bitcoin allocations, with proponents touting diversification and critics citing volatility and fiduciary concerns.