This bill proposes to amend current statutes by allowing public funds, specifically the State Treasurer and retirement systems, to invest up to 10 percent of the public monies under their control in virtual currency holdings. This is a significant update to existing investment authority, which does not currently include provisions for virtual currency. Additionally, if the U.S. Secretary of the Treasury establishes a strategic bitcoin reserve, the bill permits these public funds to store their virtual currency holdings in a secure segregated account within that reserve.

The bill also introduces definitions for key terms such as "public fund," "retirement system," and "virtual currency," clarifying the scope of the new investment authority. The legislation will be known as the "Arizona Strategic Bitcoin Reserve Act," marking a formal recognition of the state's intent to engage with virtual currency investments. Overall, the bill aims to modernize investment strategies for public funds while ensuring a structured approach to virtual currency.