The Texas Strategic Bitcoin Reserve Act establishes a special fund known as the Texas Strategic Bitcoin Reserve, which will be managed by the comptroller. This reserve is intended to allow the state to own and hold bitcoin as a financial asset, as well as to accept donations of bitcoin from individuals and entities. The bill outlines definitions related to bitcoin and cryptocurrency, legislative findings on the strategic value of bitcoin, and the purpose of the reserve. It also includes provisions for the management, security, and auditing of the bitcoin held in the reserve, as well as restrictions on transactions involving foreign entities or individuals engaged in illegal activities.

Additionally, the bill creates a Texas Strategic Bitcoin Reserve Advisory Committee composed of five members, including legislative leaders and the comptroller, to oversee the reserve's operations. The comptroller is tasked with implementing secure storage and management practices for the bitcoin, conducting regular audits, and preparing biennial reports on the reserve's status. The legislature may appropriate funds for purchasing bitcoin for the reserve, with a limit of one percent of the unencumbered balance of the general revenue fund for any biennial cycle. The act will take effect immediately if it receives a two-thirds vote from both houses; otherwise, it will take effect on September 1, 2025.

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