Texas Legislature Advances Bill To Establish Strategic Bitcoin Reserve

The Texas House has approved SB 21, a bill aimed at creating a strategic Bitcoin reserve, by a vote of 101–42. 

The bill now heads to Governor Greg Abbott, who will decide whether to sign it into law or issue a veto.

Introduced by Senator Charles Schwertner, SB 21 tasks the state comptroller with managing the reserve and permits investments in Bitcoin and cryptocurrencies with a market cap exceeding $500 billion over the past year. 

As of now, Bitcoin is the only asset meeting that threshold.

Ahead of the vote, Representative Giovanni Capriglione described the legislation as a “pivotal moment in securing Texas’s leadership in the digital age,” and highlighted the importance of adopting “a modern asset with traditional properties for future promise.” 

The Texas Senate previously passed the bill on March 6th with a 25–5 vote.

With a GDP of $2.7 trillion in 2024, Texas has the second-largest economy in the U.S., trailing only California. 

Were it an independent nation, it would rank eighth globally by economic size.

Should Abbott approve SB 21, Texas would become the second state to authorize a Bitcoin reserve. 

New Hampshire was the first, following Governor Kelly Ayotte’s signing of House Bill 302 on May 6th. 

Abbott has voiced strong support for Bitcoin and cryptocurrencies in the past, calling Texas “the home of crypto mining” and suggesting it “should become the crypto capital.”