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Wyoming State Treasurer's Office
Curt Meier manages Wyoming's $30B permanent mineral trust, one of the only state treasuries holding Bitcoin directly on its balance sheet.
Wyoming State Treasurer's Office
Wyoming's State Treasurer's Office manages the state's portfolio of permanent mineral trust funds alongside the State Loan and Investment Board (SLIB). The corpus originates from severance taxes levied on the oil, gas, and coal extracted from the Powder River Basin and other Wyoming lands. Treasurer Curt Meier, a rancher and former state legislator, leads an office that has quietly run one of the most unconventional public portfolios in the United States — pairing traditional real estate and infrastructure commitments with direct cryptocurrency exposure and in-state large-project lending. The portfolio spans institutional real estate, energy midstream infrastructure, and private credit, including a dedicated opportunistic real estate fund-of-funds program and a master limited partnership (MLP) portfolio focused on pipelines and processing assets. In venture capital, the office deploys into early-stage funds and direct investments, with a notable position in Strive Inc.'s corporate Bitcoin treasury. The geographic footprint concentrates on Wyoming-based projects through its large-project loan book — financing infrastructure within the state's borders — while global real estate and MLP commitments stretch into North American and European markets. The Treasurer sits on multiple fiduciary boards including the Wyoming Retirement System, the Board of Land Commissioners, and chairs the SLIB, which collectively direct the state's $30 billion-plus in investable assets. The office maintains active memberships in the National Association of State Treasurers (NAST) and the National Association of State Auditors, Comptrollers and Treasurers (NASACT). Adjacent vehicles include the Excellence in Higher Education Endowment Fund and the Hathaway Scholarship Endowment Fund, both funded from the same permanent mineral trust corpus. What structurally distinguishes this office from nearly every other state treasurer in the United States is its direct Bitcoin exposure. While other public funds gained indirect crypto exposure through venture fund commitments, Wyoming's Treasurer's Office purchased Bitcoin outright via a corporate treasury position — a posture aligned with the state's broader legislative push to become a digital asset banking hub. The office also holds unclaimed cryptocurrency from abandoned property, treating digital assets as a recoverable asset class years before most states acknowledged the category.
General information
Firm type
Sovereign Wealth Fund
Year founded
—
AUM
$25B–$35B (Altss estimate)
Location
Region
North America
Country
United States
City
Cheyenne
Corporate office
Cheyenne, WY, United States
Principals
Curt Meier
State Treasurer
Sector focus
Frequently asked questions
Who runs investment decisions at the Wyoming State Treasurer's Office?
State Treasurer Curt Meier makes investment decisions in coordination with the State Loan and Investment Board (SLIB), which he chairs. The SLIB comprises the governor, secretary of state, auditor, and superintendent of public instruction. Day-to-day portfolio management is executed by the Treasurer's investment staff in Cheyenne.
Where does the underlying wealth come from?
The portfolio is funded by severance taxes on oil, natural gas, and coal extracted from Wyoming — the largest coal-producing state in the U.S. and a top-10 oil producer. These taxes flow into the Permanent Wyoming Mineral Trust Fund and other permanent funds, where they accumulate and generate returns that support state operations, reducing the tax burden on Wyoming residents.
Does Wyoming's Treasury invest directly in Bitcoin?
Yes. The office holds a direct Bitcoin position via a corporate treasury stake in Strive Inc., a financial services firm that allocates to Bitcoin. Wyoming also holds unclaimed cryptocurrency property from abandoned accounts, treating digital assets as a recoverable asset class. The state's broader legislative environment is the most crypto-friendly in the U.S.
How does Wyoming source direct investment opportunities inside the state?
Through the SLIB, the Treasurer's Office originates and underwrites large-project loans directly to Wyoming-based infrastructure and development projects. Unlike grant programs, these are structured as loans with repayment terms, creating a self-sustaining capital pool that recycles into future projects while earning interest income for the state.
Is the Treasurer's Office separate from the Wyoming Retirement System?
Yes, they are legally distinct entities with different beneficiaries. However, Treasurer Curt Meier sits on the Wyoming Retirement System's Board of Directors, creating a governance overlap. The Treasurer's Office manages permanent state endowment funds, while the Retirement System manages pension assets for state employees.
How is the Hathaway Scholarship Endowment Fund related to the Treasurer's Office?
The Hathaway Scholarship Endowment Fund, which provides college scholarships to Wyoming high school graduates, is funded from the same permanent mineral trust corpus that the Treasurer's Office manages. Investment returns from this endowment fund the scholarship program without drawing on the principal, making the Treasurer's investment performance directly linked to educational access in the state.
Does Wyoming's Treasury invest in private equity funds or only direct deals?
The office deploys across both fund commitments and direct transactions. The real estate portfolio operates through a fund-of-funds structure targeting opportunistic strategies globally. In energy, the office holds a dedicated MLP portfolio alongside direct midstream infrastructure positions. Venture capital exposure includes fund commitments to early-stage managers.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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