Texas state lawmakers have introduced a second Bitcoin reserve bill, HB 4258, which would allow the state’s Comptroller to invest up to $250 million in Bitcoin or other cryptocurrencies. This proposal marks another major step toward integrating digital assets into the state’s financial framework.
New Bill Expands Bitcoin Investment Scope
On March 11, a document on the Texas state government website revealed the introduction of HB 4258, a follow-up to Senate Bill 778, which is currently being reviewed by the Texas House after securing a majority vote in the Senate. While SB 778 outlined provisions for collecting taxes and donations in cryptocurrency, it did not specify an investment amount. HB 4258, however, explicitly allows for an investment of up to $250 million from the state’s economic stabilization fund into Bitcoin or other crypto assets.
Additionally, the bill extends the ability to invest in Bitcoin to municipalities and counties. However, these local governments would face a stricter cap, limiting their crypto investments to a maximum of $10 million.
Texas’ Growing Bitcoin Strategy
Earlier this month, the Texas Senate approved a proposal to allocate public funds into Bitcoin with a resounding 25-2 vote. The Texas House is now set to review the proposal, with a final decision expected no later than May 24. However, according to Satoshi Act Fund founder Dennis Porter, lawmakers may expedite the process and bring the bill to the governor’s desk sooner than expected.
National Crypto Reserve Trends
Texas is not alone in considering cryptocurrency as a strategic asset. According to the Bitcoin Reserve Monitor, at least 21 U.S. states are currently exploring similar crypto reserve strategies. While 19 states are in the process of legislative approval, two states are still evaluating proposals, and five have already rejected such initiatives.
With HB 4258, Texas continues to solidify its position as a crypto-friendly state, fostering an environment that could set a precedent for digital asset adoption in state financial management. The coming weeks will determine whether Texas lawmakers move forward with this ambitious initiative, potentially making Texas one of the first U.S. states to hold Bitcoin as a reserve asset.
