Texas’ Strategic Bitcoin Reserve Approved by House, Pending Governor’s Approval

Texas is on the verge of creating a strategic reserve for bitcoin (BTC) after a legislative bill received approval from the state’s lower chamber.

The House of Representatives approved Senate Bill 121, which proposes the establishment of a “Texas Strategic Bitcoin Reserve” aimed at investing in cryptocurrency and granting the comptroller of public accounts authority over this reserve, as well as certain state funds.

Following a vote of 101-42 in favor of the bill, it now requires a concurrence vote from the Senate to address amendments made by the House before it can be sent to Governor Greg Abbott for signature.

If successful, Texas would join New Hampshire as the second state to establish a strategic reserve for digital assets.

In Arizona, a similar measure reached the governor’s office but was vetoed by Katie Hobbs, who criticized bitcoin as an “untested investment.” Nonetheless, she has signed a different bill enabling the state to manage abandoned digital assets as unclaimed property.