The bill, known as the "Strategic Bitcoin Reserve Act," establishes new regulations for the investment of public funds in digital assets, specifically bitcoin and stablecoins, by the State Treasurer of Oklahoma. It defines key terms related to digital assets, including "bitcoin," "digital asset," "exchange-traded product," "qualified custodian," "stablecoin," and "staking." The bill permits the State Treasurer to invest public funds from the State General Fund, Revenue Stabilization Fund, and Constitutional Reserve Fund, with a limit of five percent of the total amount of public funds in each account. Additionally, any digital assets acquired must be held by a qualified custodian or in the form of an exchange-traded product.

Furthermore, the bill allows state retirement funds to invest in digital assets through exchange-traded products that are registered with the appropriate regulatory bodies. Similar to the public funds, the investment in bitcoin or other digital assets is capped at five percent of the total funds in the retirement account. The act also includes provisions for staking digital assets, provided that the State Treasurer retains legal ownership and utilizes a third-party solution. The bill is set to take effect on November 1, 2025.