Wyoming Is Putting Public Money Into a Bitcoin Treasury Company

Wyoming’s State Treasurer disclosed a purchase of 250,000 shares of Strive Inc. on March 5, 2026, marking the first time a U.S. state has directly invested public funds into a publicly traded company that holds Bitcoin as its primary treasury reserve asset.

What Wyoming Actually Bought

The purchase was made through the Permanent Wyoming Mineral Trust Fund, a long-term wealth vehicle the state uses for portfolio diversification. At Strive’s closing price of $14.28 per share, the 250,000-share stake is valued at approximately $3.57 million.

That number is modest relative to the size of the fund, and deliberately so. Wyoming’s HB 201 allows the state treasurer to allocate up to 3% of state funds into Bitcoin-related assets. This purchase represents a fraction of that ceiling, what officials described as a strategic entry rather than a full allocation. The precedent matters more than the dollar amount.

Why Strive Rather Than a Bitcoin ETF

Wyoming officials specifically chose Strive over a spot Bitcoin ETF, and the reasoning is worth understanding. A spot ETF provides pure Bitcoin price exposure with no additional yield. Strive, as an asset management firm, generates revenue through its business operations while holding Bitcoin as its primary reserve. That combination gives the state Bitcoin exposure alongside yield generation from the underlying business, a different risk and return profile than passive ETF ownership.

Strive co-founded by Vivek Ramaswamy transitioned into a Bitcoin Treasury Company following a reverse merger in late 2025. As of early 2026, it holds approximately 13,132 BTC valued at over $1.1 billion, making it the tenth largest public corporate holder of Bitcoin globally. The company finances Bitcoin acquisitions through a SATA structure, a Variable Rate Series A Perpetual Preferred Stock instrument that pays monthly dividends.

The Legislative Framework Behind the Move

Wyoming has passed over 50 digital asset laws since 2017, more than any other U.S. state by a significant margin. The state established a dedicated Chancery Court for commercial and trust litigation involving digital assets. HB 201 enabling Bitcoin-related investments from state funds is the latest in that sequence, not an isolated decision.

The pattern Wyoming has built over nearly a decade has made it the default jurisdiction for crypto-native businesses and now the first state to put public money directly into a Bitcoin treasury vehicle. Whether other state treasurers follow with similar allocations is the open question. Wyoming has consistently moved before the rest of the country on digital asset policy. It has also consistently been followed eventually.

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