Texas Establishes $10 Million Bitcoin Reserve Following Governor’s Approval
Texas has become the first U.S. state to establish a publicly funded bitcoin reserve after Governor Greg Abbott signed Senate Bill 21 into law. Key points include:
- The bill directs the creation of an independent bitcoin reserve, separate from the state's main treasury.
- The state will allocate $10 million to purchase bitcoin for this reserve.
- This move differs from Arizona and New Hampshire, which authorized reserves without funding them.
- The legislation follows the announcement of a national crypto reserve by the Trump administration, intended to be budget-neutral.
- Abbott also signed HB 4488, protecting the bitcoin reserve from being absorbed into general revenue.
- This indicates a potential shift in how states view digital assets, recognizing them as long-term financial instruments.