Texas launches the first Bitcoin reserve fund in the United States, with a budget of $10 million allocated to support the use of derivation.

In June, the Governor of Texas signed the SB21 bill, announcing the establishment of the first state-level Bitcoin strategic reserve fund in the United States, supported by public funds and independent of the financial system, officially implemented.

Unlike states like Arizona and New Hampshire that only legislatively authorized funds previously, Texas has directly allocated $10 million, incorporating it into its budget for the current fiscal biennium. This fund will be managed by the state comptroller and is protected under the HB4488 bill, unaffected by fund sweep mechanisms, and will continue to exist even if no coins are purchased for the time being.

The bill establishes a clear execution framework: the comptroller can operate reserves based on prudent investment principles, including buying, managing, trading, and using related income to pay management fees, etc. The fund can be used to purchase Bitcoin and compliant crypto assets, currently only Bitcoin's market value meets the $500 billion threshold.

The chief accountant may also contract qualified cold wallet custody institutions and liquidity providers, the latter of which must meet the requirements of Texas registration, five years of experience, and acceptance of audits. In addition, reserves can also establish Bitcoin exposure in the form of derivations, and the bill sets up a 5-member advisory committee responsible for policy design and valuation recommendations.

Texas lawmaker Capriglione stated that this move continues his advocacy for a precious metals depository, with Bitcoin and gold providing the state government with diverse tools against inflation. A Bitcoin policy research institution pointed out that the state government cannot print money or issue bonds, yet must bear long-term obligations such as pensions, and establishing a Bitcoin reserve can hedge against inflation and the depreciation of the dollar.

Texas's pioneering efforts are also seen as a "policy laboratory" in response to the federal Bitcoin reserve strategy. It is expected that custodians will conduct public bidding through TTSTC, with Coinbase, Anchorage, Fidelity, and others as potential candidates. The chairman of the Blockchain Committee emphasized the expectation that reserves will truly hold the private keys rather than just invest in ETFs, to ensure actual possession of Bitcoin itself.

As cryptocurrency regulations become clearer, Texas's move may serve as an important template for institutionalizing Bitcoin reserves across the United States.
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