- Texas reintroduces SB 21 to expand crypto investments, including top-performing digital assets.
- The bill removes the Bitcoin purchase cap, allowing greater investment flexibility for Texas.
- 17 states now push for Bitcoin in reserves, with total acquisitions surpassing U.S. government holdings.
Texas state lawmakers have refiled legislation geared toward creating a Strategic Bitcoin Reserve, making it clear the state is serious about crypto investments.
The new bill, SB 21, tweaks the earlier SB 778, first floated in January 2025. The latest version really opens things up, possibly allowing investments in other cryptocurrencies, but only if they hit certain market benchmarks.
Related: Texas Moves Forward with Bill to Create State Bitcoin Reserve
Senator: Texas Can “Lead the Pack” in Crypto
Texas State Senator Charles Schwertner articulated a vision of SB 21, saying it could put Texas out front in digital asset innovation. The Texas Strategic Bitcoin Reserve – think of it as a state-run crypto investment fund – would get the green light to buy, sell, and manage crypto, all to beef up the state’s finances.
Crucially, the revised bill gets rid of the old $500 million limit on Bitcoin buys. Now, lawmakers have more room to invest what makes sense for Texas.
Plus, the bill lays out rules for other cryptos besides Bitcoin. Basically, to get into the reserve, a cryptocurrency has to have a market value of at least $500 billion for a whole year.
This move broadens the playing field, meaning the reserve could include other major league cryptos, not just Bitcoin.
Senate Committee Now “Has the Ball” on SB 21
However, the bill, read in the Senate on February 7, 2025, has been referred to the Senate Finance Committee for review. If passed, SB 21 would take effect immediately with a two-thirds majority vote. If not, the law would be enacted on September 1, 2025.
Texas Not Alone: Other States Eyeing Bitcoin “Reserves” Too
The introduction of SB 21 in Texas reflects a growing nationwide movement, with 17 states having put forth legislation to incorporate Bitcoin into state reserve funds or pension systems.
Related: BitMEX’s Arthur Hayes Spots Red Flags in Bitcoin Reserve Plan
While the majority, 16 of these bills, remain active, a House bill in Wyoming did not garner sufficient support to proceed. Other states, notably Utah, Oklahoma, Ohio, and Illinois, have already advanced their bills to committee hearings, with Utah achieving notable headway by securing a favorable vote.
Data shared by Matthew Sigel on X estimates that the combined Bitcoin acquisitions contemplated across these states could total 242,787 BTC, an amount valued at approximately $23.54 billion, potentially exceeding the U.S. government’s current holdings of 198,109 BTC.
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