Governor of Texas Greg Abbott signed The “Bitcoin Reserve Bill” SB 21 in the law on 21 June, allowing the state to invest an unlimited amount of the State Fund in Bitcoin (BTC).
SB 21 creates the Texas Strategic Bitcoin Reserve and lets the Comptroller BTC buy as long as the market capitalization of the Activum is greater than $ 500 billion, a threshold that only Bitcoin is currently gathering.
$ 2.2 billion allocation
While the proposal was signed, Texas became the third state in the US with an official Bitcoin reserve, who became a member of New Hampshire and Arizona.
Nothing in the allocations of the status, which means that legislators can apply the full balance of the Economic Stabilization Fund. The ESF closed the tax 2024 with $ 21 billion in cash and investments, according to the annual cash report of the competent and an additional ESF information sheet.
If legislators lead the maximum, only Texas could become the largest Bitcoin holder in the public sector in the US. The State could lead to $ 2.1 billion in Bitcoin if he decides to allocate up to 10% of his budget in BTC, as Arizona planned with his failed invoice.
Together with New Hampshire, the total allocations of the state can reach almost $ 2.2 billion.
Governor Kelly Ayotte Signed House Bill 302 on May 6The authorization of the treasurer to actively act digitally that market capitalization has more than $ 500 billion in a strategic reserve.
The statute dopes 5% of the income stabilization reserve account of the state. The latest documents from New Hampshire contain an account of $ 292.5 million for Fiscal 2023, with the BTC investment ceiling representing around $ 14.6 million.
Arizona Bill fails
Arizona’s Bitcoin and Digital Asset Reserve Fund became law on May 7 Via House Bill 2749. The measure sends non-raised or seized digital assets to a wallet run by the State, which can be used or used in AirDrops, with the proceeds returning to the fund.
However, so far no report has been taken on the amount of crypto seized by Arizona.
The SB 1373 failed on 12 May after the Veto of Hobbs. The proposal would allow the treasurer to implement up to 10% of the Budget Stabilization Fund (BSF) in BTC.
Legislative budget writers project the BSF at around $ 1.5 billion for tax 2025, which implies a potential Bitcoin allocation near $ 150 million.
As a result, if a similar invoice is approved in Arizona, the investment amount in Bitcoin would be increased to more than $ 2.3 billion.