If enacted, this bill would amend current statutes by adding a new article to Title 35, Chapter 2 of the Arizona Revised Statutes, specifically creating Article 2.2, titled "Strategic Bitcoin Reserve." The bill would allow public funds, which include the State Treasurer and retirement systems, to invest up to 10 percent of the public monies under their control in virtual currency holdings. Additionally, it would permit these public funds to store their virtual currency holdings in a secure segregated account within a strategic bitcoin reserve, should the U.S. Secretary of the Treasury establish one.

The bill also introduces definitions for key terms such as "public fund," "retirement system," and "virtual currency." "Public fund" is defined as the State Treasurer or a retirement system, while "retirement system" refers to plans established under Title 38. "Virtual currency" is defined as a digital representation of value that serves as a medium of exchange, unit of account, and store of value, distinct from the U.S. dollar or foreign currencies. The legislation would be officially known as the "Arizona Strategic Bitcoin Reserve Act."