Texas Governor Greg Abbott is looking forward to reviewing a bill that would allow the state to create a strategic Bitcoin reserve.
In a statement to Crypto Intelligence News, Andrew Mahaleris, press secretary for Governor Abbott, said: “Already the home of crypto mining, this session Texas should become the crypto capital.
“Governor Abbott looks forward to reviewing any proposal to create a Bitcoin reserve that the Texas Legislature brings forth,” he added.
Texas is one of around two-dozen US states that have proposed legislation that would allow them to invest state funds in Bitcoin.
Senate Bill 21 (SB 21), introduced by State Senator Charles Schwertner, proposes the creation of the Texas Strategic Bitcoin Reserve, aiming to diversify the state’s investment portfolio and hedge against economic volatility.
The bill outlines that the reserve would be managed by the Texas Comptroller of Public Accounts, granting the authority to acquire, sell, and manage Bitcoin and potentially other high-market-cap cryptocurrencies.
Funding for the reserve is proposed to come from legislative appropriations, dedicated revenue sources, private donations, and cryptocurrency holdings accumulated through various means.
On February 27, 2025, SB 21 passed the Texas Senate Banking Committee with a unanimous 9–0 vote, propelling the bill to the Senate floor for further deliberation.
If the bill is passed by the Senate, it would subsequently require Governor Greg Abbott’s signature to become law.
Proponents argue that Bitcoin, often referred to as “digital gold,” could serve as a hedge against inflation and economic downturns, similar to traditional gold reserves.
Texas is well on course to launching its Bitcoin reserve, but some other states, such as Utah, are closer to passing their own respective Bitcoin reserve bill.
