Texas Edges Closer to Launching First State-Backed Bitcoin Reserve

Texas is making significant strides toward becoming the first U.S. state to establish its own Bitcoin reserve. Senate Bill 21 (SB 21), introduced by Republican Senator Charles Schwertner, recently passed the Texas House Committee on Government Efficiency with a 9–4 vote. The bill now moves to the House floor for a full vote before the legislative session ends on June 2. If enacted, the bill would authorize the state comptroller to establish the “Texas Bullion Depository and Bitcoin Reserve.” Initially focused solely on Bitcoin, the bill has since been amended to allow investments in digital assets with a market capitalization of at least $500 billion over the prior 12 months—effectively limiting it to Bitcoin and potentially Ethereum . The proposed reserve would serve as a strategic asset, aimed at diversifying Texas’s holdings while preparing for the growing role of digital currencies in both commerce and finance. Assets would be securely stored under the authority of the state comptroller, currently Glenn Hegar, who would oversee acquisition, custody, and reporting responsibilities. Texas has been vocal in positioning itself as a crypto-friendly state. Governor Greg Abbott has previously accepted Bitcoin campaign donations and expressed support for pro-crypto legislation, signaling alignment between the state’s executive and legislative branches. The move follows similar efforts in Arizona and New Hampshire, but Texas’s economic size and influence give its initiative greater potential impact. From the perspective of financial brokers, this development is worth close attention. A state-level reserve would mark a shift in institutional credibility for Bitcoin and may encourage clients to revisit or reassess their exposure to digital assets. It could also prompt municipalities and pension funds to explore similar strategies, especially if Texas’s reserve performs well over time. While the bill still requires final approval, momentum is clearly building. If Texas adopts this legislation, it could pave the way for other states to follow—and reshape how governments manage reserves in the digital era.