Texas’ Bitcoin reserve bill heads to key reading before final floor vote

The Texas House of Representatives will hold a key reading of Senate Bill 21 (SB 21), moving the state one step closer to creating a government-managed Bitcoin reserve, according to an update on the bill’s official page.

Dennis Porter, co-founder and CEO of the Satoshi Action Fund, said in a Saturday statement that the second reading is “the necessary step” before a final vote, given that the Texas legislature adjourns in less than two weeks, leaving a narrow window to get the bill across the finish line.

STRATEGIC BITCOIN RESERVE IN TEXAS IS ON THE MOVE!

The 2nd reading is coming May 20th which is the necessary step before it goes for the final house floor vote.

Time is running out. The legislature will adjourn two weeks later! pic.twitter.com/mn0LHaKylL

— Dennis Porter (@Dennis_Porter_) May 17, 2025

If SB 21 clears this reading in the House, it is expected to move quickly to a third reading and final floor vote. If passed, the bill will go to the governor’s desk for signature.

The proposed legislation has already cleared two major hurdles, passing the Texas Senate in a 25–5 vote on March 6 and advancing through the House Committee in a 9–4 vote on May 7, with no amendments.

SB 21, titled the Texas Strategic Bitcoin Reserve and Investment Act, is authored by Senator Charles Schwertner and sponsored in the House by Representative Giovanni Capriglione. It would authorize the state to buy, hold, and manage Bitcoin as part of a government-run reserve.

The initiative is designed to treat Bitcoin as a strategic financial asset—one that could serve as a hedge against inflation and economic volatility, while enhancing the state’s long-term financial resilience.

The reserve would be funded through a mix of legislative appropriations, investment earnings, and voluntary donations from Texas residents. It would also include any Bitcoin or other qualifying crypto assets received via forks or airdrops.

However, the bill sets strict eligibility criteria: any digital asset acquired for the reserve must have maintained a market capitalization of at least $500 billion over the past 12 months, a threshold currently met only by Bitcoin.

If enacted, Texas would become the third U.S. state to establish a formal Bitcoin reserve, joining New Hampshire and Arizona.

New Hampshire became the first US state to create a strategic Bitcoin reserve after the passage of House Bill 302 (HB 302) on May 6.