If enacted, this bill would amend current statutes by adding a new article to Title 35, Chapter 2 of the Arizona Revised Statutes, specifically allowing public funds to invest up to 10 percent of the public monies under their control in virtual currency holdings. This new provision would be in addition to existing investment authorities outlined in Articles 2 and 2.1. Furthermore, if the U.S. Secretary of the Treasury establishes a strategic bitcoin reserve, public funds would be permitted to store their virtual currency holdings in a secure segregated account within that reserve.

The bill also introduces definitions for key terms, including "public fund," which refers to the State Treasurer or a retirement system, and "virtual currency," defined as a digital representation of value that serves as a medium of exchange, unit of account, and store of value, distinct from traditional currencies. The legislation would be officially titled the "Arizona Strategic Bitcoin Reserve Act." Overall, these updates would modernize the investment capabilities of public funds in Arizona, allowing for engagement with emerging financial technologies.