Lone Star State Inches Closer to Establishing a Strategic Bitcoin Fund
Texas is one step closer to creating a state-managed Bitcoin reserve. On May 7, the Texas House Committee on Delivery of Government Efficiency voted 9-4 along party lines to approve Senate Bill 21 (SB 21), moving it forward to the full House for a final vote.
The Republican-led bill has already passed the Texas Senate with a 25-5 vote on March 6. If approved by the House and signed by Governor Greg Abbott, SB 21 would establish the “Texas Strategic Bitcoin Reserve,” a first-of-its-kind initiative for the state.
Bitcoin-Only Focus With Room for Expansion
SB 21 would empower the state’s comptroller—currently Glenn Hegar—to invest in digital assets with a market capitalization of at least $500 billion. At present, only Bitcoin meets that threshold.
Initially filed in January as a Bitcoin-only bill by Republican Senator Charles Schwertner, the legislation was later amended in February to potentially include other high-market-cap digital assets.
Julian Fahrer, founder of Bitcoin Laws, posted on X that the bill’s future should be determined before the Texas legislative session adjourns on June 2. If passed by the full House, the bill will head to Governor Abbott’s desk. Abbott, a long-time crypto advocate, has publicly supported making Texas the “crypto capital” of the U.S. and accepted Bitcoin donations during his 2014 campaign.
A Growing Trend Among U.S. States
Texas joins a growing list of states moving toward formal crypto investment policies. On the same day as the Texas committee vote, Arizona Governor Katie Hobbs signed a law creating a Bitcoin and Digital Asset Reserve Fund funded by unclaimed crypto, not taxpayer dollars.
Just one day earlier, New Hampshire Governor Kelly Ayotte signed House Bill 302, allowing her state to invest in cryptocurrencies with a market cap over $500 billion—again, effectively focusing on Bitcoin.
Florida, however, went in the opposite direction. On May 3, it dropped two proposed Bitcoin reserve bills as part of a legislative session that passed 230 unrelated measures, ranging from fluoride bans to smartphone restrictions in schools.
Texas now stands at a pivotal moment, with the potential to lead on state-level Bitcoin integration if SB 21 clears its final hurdle.
