Texas Moves Closer to First State Bitcoin Reserve

Texas is on the brink of becoming the first state in the nation to establish an official Bitcoin reserve, as the Texas House Committee on Government Efficiency has advanced Senate Bill 21. This bill, known as the “Texas Strategic Bitcoin Reserve,” aims to create a state-managed Bitcoin reserve under the oversight of the state comptroller. The bill has already passed the Senate and is now awaiting a full House vote, with the governor's signature being the final step before it becomes law.

The bill, initially introduced in January by Republican Senator Charles Schwertner, was originally designed to be exclusive to Bitcoin. However, it has since been revised to potentially include other digital assets, reflecting a broader approach to state-level digital asset strategy. The revised version was refiled in February and is expected to be decided upon before the Texas legislature adjourns on June 2nd.

While Texas is pushing forward with its Bitcoin reserve, other states have shown varying levels of enthusiasm for digital assets. New Hampshire recently set a national precedent by officially enacting a Bitcoin reserve bill, earning praise from Governor Kelly Ayotte. North Carolina also made significant progress by passing the “Digital Assets Investment Act” with a 71–44 vote in its House. Additionally, Arizona Governor Katie Hobbs signed House Bill 2749 into law, establishing the state’s first Bitcoin and Digital Asset Reserve Fund. This fund is designed to manage unclaimed digital holdings rather than make new investments, following an earlier veto of a more ambitious reserve proposal.

However, not all states are moving forward with Bitcoin adoption. Florida, which was once seen as a potential leader in integrating Bitcoin into its state treasury, has quietly shelved its ambitions. The state officially withdrew two companion bills, HB 487 and SB 550, which aimed to allocate up to 10% of specific public funds into Bitcoin. This move reflects a more cautious stance amid the broader national debate over crypto’s role in government finance, signaling that not every jurisdiction is ready to embrace digital assets just yet.

As the momentum around state-level Bitcoin adoption fluctuates across the U.S., Texas's commitment to establishing a Bitcoin reserve stands out. The recent price surge of Bitcoin, trading at $99,637.37 at press time, after a 2.72% 24-hour gain, adds further relevance to the bill’s significance as the flagship cryptocurrency edges closer to the $100K milestone. The fate of the bill will likely be decided before the Texas legislature adjourns on June 2nd, with the potential to make Texas the first state to officially establish a Bitcoin reserve managed by the state comptroller.