Porter says the strategic reserve act is expected to serve as a model for other states looking to integrate digital assets into their investment portfolios and says that SAF is currently in talks with 10 other states to implement similar legislation.

If the bill is passed into law, Pennsylvania would become the first state to hold bitcoin directly on its balance sheet, marking the first step in what could become a shift towards digital assets playing a bigger role in the economic strategy of state governments.

"This legislation sends a clear message: Pennsylvania is ready to embrace bold, modern solutions to safeguard economic prosperity for generations to come," Cabell said.