Texas has officially become the first U.S. state to set up a publicly funded bitcoin reserve after Governor Greg Abbott signed Senate Bill 21 into law, allocating $10 million for the purchase of bitcoin. This measure is designed to establish a separate bitcoin financial reserve outside of the main state treasury, a significant move that positions Texas ahead of states like Arizona and New Hampshire that have not allocated funding for similar initiatives.

A complementary bill, HB 4488, safeguards this bitcoin reserve from being absorbed into the state’s general revenue.

Key Points:

• Texas is pioneering the establishment of a bitcoin reserve funded by public resources.
• The allocated $10 million distinguishes Texas from other states that have not fully funded similar reserves.
• The legislation indicates a changing perspective towards digital assets, recognizing them as serious financial instruments for the long term.