Texas Creates Third State Bitcoin Reserve with Public Funding

Texas has become the third U.S. state to establish a Bitcoin reserve, being the first to create a publicly funded, standalone reserve managed outside the state treasury. Governor Greg Abbott approved two bills:

SB 21 allows the Texas Comptroller to manage the fund
HB 4488 protects the fund from being absorbed into general revenue, even without Bitcoin acquisition by summer

The fund includes safeguards:

Only assets with average market caps above $500 billion are eligible (currently only Bitcoin qualifies)
A five-member expert advisory board is required

Lee Bratcher of the Texas Blockchain Council estimates the initial investment could reach tens of millions, with specific amounts and timing determined by professional managers in the Comptroller’s office.

This initiative reflects Texas's expanding influence in the crypto sector, known for its significant mining operations. It contrasts with previous moves by Arizona and New Hampshire due to its public funding and legal protections, indicating a notable step in state-level crypto adoption.