On May 20, 2025, the Texas legislature passed the "Texas Strategic Bitcoin Reserve and Investment Act" (SB 21) with an overwhelming majority, marking a historic step for the state in the cryptocurrency field. According to Bitcoin News, the bill has been officially submitted to Governor Greg Abbott for signing, and if approved, Texas will become the third state in the U.S. to officially establish a state-level Bitcoin reserve, following New Hampshire and Arizona.
Core of the Bill: Strict Standards for Bitcoin
The SB 21 bill was proposed by Texas Senator Schwertner and others, with Representative Capriglione serving as the initiator in the House. It aims to establish the "Texas Strategic Bitcoin Reserve," managed by the state comptroller. The bill specifies that only digital assets with a market capitalization exceeding $500 billion for 12 consecutive months can be included in the reserve, with Bitcoin (BTC) currently being the only asset that meets this standard. This high threshold design ensures the stability of reserve assets and reflects Texas's cautious consideration of risks in the crypto market. The bill also requires that reserve assets be securely stored through state-controlled multi-signature wallets, qualified custodians, or regulated exchange-traded products, and mandates the submission of transparency reports every two years to ensure the operation of funds is open and traceable.
As early as March 2025, SB 21 received overwhelming support in the state Senate with a vote of 25 to 5, and on May 8, it passed the House "Government Efficiency Delivery Committee" with a vote of 9 to 4. During the second reading on May 20, the bill smoothly passed the full House vote, demonstrating a strong consensus among Texas lawmakers to incorporate Bitcoin into public finance. If Governor Abbott signs it before the state legislature adjourns on June 2, Texas will officially launch this groundbreaking reserve program, with an initial investment scale expected to reach up to $500 million per year.
Background: Intensifying State-Level Bitcoin Reserve Race in the U.S.
In 2025, New Hampshire was the first to pass HB 302, becoming the first state in the U.S. to establish a state-level strategic Bitcoin reserve, allowing the state treasury to invest up to 5% of public funds in Bitcoin, which was signed into effect by Governor Kelly Ayotte on May 6. Arizona passed HB 2749 to establish the first crypto reserve for storing unclaimed virtual assets, airdrops, and staking rewards, although its earlier SB 1025 bill aimed at direct Bitcoin investment was vetoed by Governor Katie Hobbs.
Texas's SB 21 bill is designed to be more aggressive, explicitly centering on Bitcoin and establishing a crypto advisory committee to ensure the professionalism and foresight of investment strategies. Supporters of the bill argue that Bitcoin, as "digital gold," can hedge against inflation, diversify fiscal risks, and position Texas advantageously in the digital economy era. Mars Finance cites analysis suggesting that Texas's move may prompt other states to reconsider the feasibility of Bitcoin reserves, especially in the context of former President Trump's executive order in March 2025 calling for the establishment of a national strategic Bitcoin reserve.
Controversies and Prospects: Opportunities and Risks Coexist
Despite broad support for the bill, opposing voices still exist. Critics are concerned that the volatility of Bitcoin prices could pose risks to state finances, especially in the context of increasing global economic uncertainty in 2025. Data shows that Bitcoin reached a closing high of $107,000 on May 20, but its historical volatility keeps conservative individuals on alert. Supporters counter that Bitcoin's long-term appreciation trend and decentralized nature make it an ideal asset to combat currency devaluation, and Texas's diversified funding sources and cold storage requirements will minimize risks to the greatest extent.
The significance of Texas's move extends far beyond state borders. Bitcoin Magazine points out that if SB 21 ultimately takes effect, Texas will not only pioneer state treasury holdings of Bitcoin but may also stimulate more states to join the "Bitcoin reserve race." Currently, there are 36 similar bills in progress across the U.S., with Alabama, Minnesota, and others actively reviewing similar proposals.
This article represents the author's personal views and does not reflect the position or views of this platform. This article is for informational sharing only and does not constitute any investment advice to anyone.
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