If enacted, this bill would amend current statutes by allowing public funds, specifically the State Treasurer and retirement systems, to invest up to 10 percent of the public monies they control in virtual currency holdings. This new provision would be added to title 35, chapter 2 of the Arizona Revised Statutes, creating a new article 2.2 dedicated to the management of public monies. Additionally, 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," "retirement system," and "virtual currency," clarifying the scope of the legislation. The act would be officially titled the "Arizona Strategic Bitcoin Reserve Act," and it would become effective on the general effective date. Overall, these updates would modernize the investment strategies available to public funds in Arizona, allowing for participation in the emerging market of virtual currencies.