Texas Governor Greg Abbott has approved bill SB 21, which allows the creation of an autonomous Bitcoin reserve.
According to the document, the reserve operates independently from Texas’s general treasury system and is intended to strengthen the state’s financial stability while serving as a potential tool for inflation protection.
The initiative will be managed by State Comptroller Glenn Hegar. The law permits including digital assets with a market capitalization above $500 billion in the fund, but currently only Bitcoin meets this criterion.
In addition to direct purchases, the reserve can grow through forks, airdrops, investment gains, or public donations. A detailed report on results is planned to be released every two years.
The governor also signed HB 4488, which protects selected funds, including the Bitcoin reserve, from being transferred to the state treasury’s general revenue when priorities change.
At the same time, Abbott approved 600 other different bills. However, SB 21 was not included in the press release listing the most important approved initiatives.
Texas became the third U.S. state, alongside Arizona and New Hampshire, to establish a state reserve for the leading cryptocurrency.
Recall that in May, Florida authorities halted consideration of two bills that would have allowed state funds to be invested in Bitcoin.
In states like Oklahoma, Montana, Pennsylvania, North and South Dakota, and Wyoming, attempts to create a strategic Bitcoin reserve also failed.
