This bill proposes to amend the Arizona Revised Statutes by adding a new article, Article 2.2, which focuses on the management of public monies, specifically allowing public funds to invest in virtual currency. Under the new provisions, public funds would be permitted to invest up to ten percent of their controlled public monies in virtual currency holdings. Additionally, if the U.S. Secretary of the Treasury establishes a strategic bitcoin reserve, public funds would have the option to store their virtual currency holdings in a secure segregated account within that reserve.

The bill also defines key terms related to the new provisions, including "public fund," which refers to the state treasurer or a retirement system, and "virtual currency," which is described as a digital representation of value that serves as a medium of exchange, unit of account, and store of value, distinct from traditional currencies. Overall, this legislation aims to modernize investment strategies for public funds by incorporating virtual currency into their portfolios.