Texas just became the first U.S. state to publicly fund a standalone Bitcoin reserve. Here's the status update as of June 23, 2025:

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🔹 Texas Strategic Bitcoin Reserve (SB 21)

Signed into law: Governor Greg Abbott approved SB 21 on June 21, 2025 .

Funding:

$10 million has been appropriated for buying BTC .

No cap on total allocation—statute allows unlimited investment so long as BTC’s market cap stays above $500 billion (currently only Bitcoin) .

Potential exists to funnel up to billions (e.g., ~10% of the $21 billion Economic Stabilization Fund ≈ $2.1 billion) .

Governance & Oversight:

Managed by the Texas Comptroller, outside the main treasury .

Backed by HB 4488, which shields the reserve from budget sweeps .

A five-member advisory board of crypto professionals ensures oversight .

Purpose:

Treated as a hedge against inflation and economic volatility .

Biennial public reporting on holdings and performance ensures transparency .

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🔹 Comparison with Other States

Arizona, New Hampshire: Passed Bitcoin reserve laws, but did not allocate public funds; their reserves remain unfunded .

Texas vs. peers: Texas is the first and only state to commit public dollars and create an independent structure just for BTC.

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🔹 What’s Next?

1. Initial BTC purchase: Comptroller's office can now move ahead with the first $10 M buy.

2. Future appropriations: Legislature could approve more purchases—potentially scaling into hundreds of millions or billions.

3. Biennial reports: Expect public statements every two years on BTC holdings and performance.

4. Policy evolution: With the cap lifted, further buy-ins hinge on legislative and political support.

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TL;DR

Texas has launched the first publicly funded Bitcoin reserve, with $10 M ready for purchase and legal frameworks in place for scaling dramatically. Governance is insulated and transparent, using BTC as a strategic financial asset outside normal budget channels.

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