Arizona State Governor Vetoes Bitcoin Reserve Bill – Details

By: bitcoinist|2025/05/05 01:15:01
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Arizona State Governor Katie Hobbs has vetoed a legislative bill that would have allowed the creation of a Bitcoin reserve. The Grand Canyon state joins a growing list of other US states where legislative efforts to direct state investment to Bitcoin have proven futile.Bitcoin, Crypto An Untested Investment, Governor Hobbs Says In an executive letter dated May 2, Governor Katie Hobbs of Arizona vetoed State Senate Bill 1025 that aimed to allow the adoption of digital assets as part of the state’s official reserves. Specifically, S.B. 1025 would have allowed the Arizona state treasury to allocate 10% of its managed assets into Bitcoin and other virtual assets. Furthermore, the bill also proposed the creation of a Digital Assets Strategic Reserve Fund designed to hold all seized crypto assets from criminal and illegal operations. Notably, the Arizona Senate House, headed by Hon. Warren Petersen, approved the bill in a keenly contested 31-25 vote on April 29 in a move to become the first state to establish a Bitcoin reserve after the US Federal Government. However, Governor Hobbs has aligned with the dissenting votes and rejected the provisions of S.B. 1025 upon presentation for executive approval. The former social worker and Senate minority leader communicated this decision to Senate President Petersen, citing the credibility of digital assets as an investment. The Arizona State Governor said: Today, I vetoed Senate Bill 1025. The Arizona State Retirement System is one of the strongest in the nation because it makes sound and informed investments. Arizonans’ retirement funds are not the place for the state to try untested investments like virtual currency.Following this development, Arizona drops out of the race for the first US state to create a Bitcoin Reserve following the push by the Donald Trump Administration to establish a crypto-friendly environment in the US. Sixteen US states have introduced legislation related to creating a Bitcoin Reserve. States such as New Hampshire, North Carolina have successfully passed the House Committees. Meanwhile, states such as Oklahoma, Pennsylvania, North Dakota, Wyoming, Montana, South Dakota, and now Arizona have had their proposed reserve bill rejected.Crypto Market OverviewAt press time, the total crypto market is valued at $2.99 trillion following a 0.82% decline in the past day. Meanwhile, total trading volume is now valued at $48.77 billion.Bitcoin, the premier cryptocurrency, has seen a market rebound in the past two weeks and is now valued at $96,011. Other top crypto assets, including Ethereum, Solana, and XRP, have also followed the leading cryptocurrency, reporting respective gains of 2.11%, 26.75%, and 6.88% in the past month.

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DDC Enterprise Limited Announces 2025 Unaudited Preliminary Financial Performance: Record Revenue Achieved, Bitcoin Treasury Grows to 2183 Coins

On March 4, 2026, DDC Enterprise Limited (NYSE American: DDC) today announced preliminary, unaudited full-year financial performance for the year ended December 31, 2025. The company expects to achieve record revenue and record positive adjusted EBITDA, primarily driven by continued growth in its core consumer food business and overall margin improvement. The final audited financial report is expected to be released in mid-April 2026.


2025 Full-Year Financial Highlights


Revenue: Expected to be between $39 million and $41 million, reaching a new company high.


Organic Growth: Excluding the impact of the company's strategic contraction of its U.S. operations, core revenue is expected to grow 11% to 17% year over year.


Gross Profit Margin: Expected to be between 28% and 30%, reflecting continued operational efficiency improvements.


Adjusted EBITDA: The company expects to achieve a positive full-year result in 2025, a significant improvement from a $3.5 million loss in 2024, mainly due to rigorous cost controls and a higher-margin sales mix.


Core Consumer Food Business Performance


In 2025, DDC's core consumer food business maintained strong operational performance.


The company also disclosed Core Consumer Food Business Adjusted EBITDA, a metric that further excludes costs related to its Bitcoin reserve strategy and non-cash fair value adjustments related to its Bitcoin holdings from adjusted EBITDA to more accurately reflect the core business performance.


In 2025, Core Consumer Food Business Adjusted EBITDA is expected to be between $5.5 million and $6 million.


Bitcoin Reserve Update


In the first half of 2025, DDC initiated a long-term Bitcoin accumulation strategy, holding Bitcoin as its primary reserve asset.


As of December 31, 2025: The company holds 1,183 BTC.


As of February 28, 2026: Holdings increased to 2,118 BTC


Today's additional purchase of 65 BTC brings the company's total holdings to 2,183 BTC


DDC Founder, Chairman, and CEO Norma Chu stated, "We are proud to have closed 2025 with record revenue and positive adjusted EBITDA, demonstrating the steady growth of the company's consumer food business and the ongoing improvement in profitability. We are building a disciplined, growth-oriented food platform and strategically allocating capital to Bitcoin assets with a long-term view, aligning with our core beliefs. We believe that this dual-track model of 'Steady Consumer Business + Strategic Bitcoin Reserve' will help DDC create lasting long-term value for shareholders."


Adjusted EBITDA Definition
For the full year 2025, the company defines "Adjusted EBITDA" (a non-GAAP financial measure) as: Net income / (loss) excluding the following items:· Interest expense· Taxes· Foreign exchange gains/losses· Long-lived asset impairment· Depreciation and amortization· Non-cash fair value changes related to financial instruments (including Bitcoin holdings)· Stock-based compensation


About DDC Enterprise Limited


DDC Enterprise Limited (NYSE: DDC) is actively implementing its corporate Bitcoin Treasury strategy while continuing to strengthen its position as a leading global Asian food platform.


The company has established Bitcoin as a core reserve asset and is executing a prudent, long-oriented accumulation strategy. While expanding its portfolio of food brands, DDC is gradually becoming one of the public company pioneers in integrating Bitcoin into its corporate financial architecture.


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