Texas Governor Supports Bitcoin Reserve Bill Advancing in Senate

Texas Governor Greg Abbott has indicated his support for a proposed bill that would establish a state-held Bitcoin reserve. On May 23, Abbott shared an article on his official X account that discussed legislative efforts to pass the Strategic Bitcoin Reserve (SBR) bill. The article highlighted Abbott’s long-standing support for digital assets and his role in making Texas more crypto-friendly.

Abbott has a history of advocating for digital assets. He has signed several bills related to digital assets and has actively courted Bitcoin mining firms to operate in Texas. He has argued that the Bitcoin mining industry brings economic benefits and could help stabilize the state’s power grid, which has faced challenges due to extreme weather conditions and growing energy demand.

By sharing the article, Abbott has fueled speculation that he may approve the bill once it reaches his desk. Industry voices, including Satoshi Action Fund CEO Dennis Porter, have interpreted this as a strong indication of support. Porter stated, “He’s definitely signing SBR into law.”

This week, Texas lawmakers advanced plans to create a state-managed Bitcoin reserve. The proposed law recently cleared another legislative hurdle and is now returning to the Senate for final approval of its amendments. If passed, it will be sent to the governor for his signature.

The bill authorizes the state comptroller to purchase Bitcoin using surplus General Revenue. These purchases would follow a reporting structure similar to that used for the state’s gold holdings. However, actual acquisition would not begin until procurement rules are set and storage contracts are finalized.

Under the proposed law, only assets with a market cap exceeding $500 billion for two consecutive years would qualify for inclusion. Currently, only Bitcoin meets this criterion. If Texas moves forward, it would become one of the few US states to hold Bitcoin as a treasury asset. Such a move could set a regulatory example and reinforce the state’s position as a digital asset hub, especially given its ranking as one of the world’s largest economies.