Minnesota Bitcoin Act proposed, payments to the state by cryptocurrency allowed, State Board of Investment authorized to invest in cryptocurrency, and various tax provisions modified.

HF 2946, the Minnesota Bitcoin Act, allows the state to accept cryptocurrency payments for services and authorizes the State Board of Investment to allocate state funds into cryptocurrency investments under specific rules. The bill sets a 35% cap on cryptocurrency investments relative to a fund's market value, requires at least four unrelated investors per investment vehicle, and limits the state board's participation to 20% per vehicle. It also defines "cryptocurrency" and mandates public disclosure of basic investment details like market value and return, while keeping other financial data nonpublic to protect competitive interests. The law takes effect January 1, 2026.