Share this article
Texas Ready for $10M Bitcoin Purchase After Governor Signs Bill for State Reserve
The Lone Star State appears as if it will be the first in the U.S. to hold bitcoin.
Updated Jun 23, 2025, 9:01 p.m. Published Jun 23, 2025, 7:17 p.m.
What to know:
- Texas has become the first U.S. state to establish a publicly funded bitcoin reserve after Governor Greg Abbott signed Senate Bill 21 into law.
- The state will allocate $10 million to purchase bitcoin, setting it apart from other states like Arizona and New Hampshire, which have not funded their reserves.
- A companion bill, HB 4488, ensures the bitcoin reserve is protected from being absorbed into the state's general revenue.
Texas has become the first U.S. state to create a publicly funded, stand-alone bitcoin reserve after Governor Greg Abbott signed Senate Bill 21 into law over the weekend. The bill directs the state to establish a bitcoin reserve managed independently from the main treasury, joining a small but growing group of states exploring digital asset reserves.
Unlike Arizona and New Hampshire, which passed similar legislation, Texas did not just authorize the reserve but is actively funding it. The state will be appropriating $10 million in order to purchase bitcoin for the reserve.
STORY CONTINUES BELOW
The purchase "represents just 0.0004% of the state's budget but could create an outsized impact by sending the signal to investors and entrepreneurs alike that Texas understands that the future of finance is digital," Lee Bratcher, president of the Texas Blockchain Council, told CoinDesk.
The news comes months after the Trump administration announced the creation of a national crypto reserve — though that vehicle is supposed to be funded in strictly budget-neutral ways, like through crypto asset seizures or by issuing crypto bonds.
Abbott also signed bill HB 4488, a companion measure that protects the bitcoin reserve from routine ‘fund sweeps’ into the state’s general revenue.
The legislation marks a shift in how states may begin treating digital assets — not just as speculative tools, but as sovereign financial instruments worth holding long-term.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Small Texas Lender Monet Joining Field of Crypto-Focused Banks
The bank is owned by billionaire Andy Beal, a major supporter of U.S. President Donald Trump's 2016 campaign.
Top Stories
