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 their controlled public monies in virtual currency holdings. This new provision would expand the investment authority of public funds, which includes the State Treasurer and retirement systems, to include virtual currencies as a permissible investment option. 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 such as "public fund," "retirement system," and "virtual currency," clarifying the scope of the new investment authority. The legislation would be officially titled the "Arizona Strategic Bitcoin Reserve Act," and it would take effect on the general effective date. Overall, these updates would modernize the investment strategies available to public funds in Arizona, allowing them to engage with emerging financial technologies like virtual currencies.