S.B. No. 21 establishes the Texas Strategic Bitcoin Reserve, a special fund managed by the comptroller of public accounts, aimed at investing in cryptocurrency, particularly Bitcoin. The bill introduces a new subchapter in the Government Code that defines key terms related to cryptocurrency, such as "airdrop," "cold storage," and "qualified custodian." It outlines the sources of funding for the reserve, including legislative appropriations and revenue dedicated by law, and allows the comptroller to manage the reserve's assets through various investment strategies. Additionally, the bill mandates that any cryptocurrency purchased must have an average market capitalization of at least $500 billion over the previous 24 months.

The legislation also establishes an advisory committee to assist the comptroller in managing the reserve and requires the comptroller to publish a biennial report detailing the reserve's holdings and management actions. Furthermore, it amends existing law to clarify that certain state funds, including those invested by the comptroller, are not subject to specific investment regulations. The bill is set to take effect immediately upon receiving a two-thirds vote from both legislative houses or on September 1, 2025, if that threshold is not met.

Statutes affected:
Introduced: Government Code 2256.004 (Government Code 2256)
Senate Committee Report: Government Code 2256.004 (Government Code 2256)
Engrossed: Government Code 2256.004 (Government Code 2256)
House Committee Report: Government Code 2256.004 (Government Code 2256)
Enrolled: Government Code 2256.004 (Government Code 2256)