Texas governor Greg Abbott gestures support for Bitcoin reserve bill

Texas Governor Greg Abbott has sparked speculation about his backing of a proposed state-held Bitcoin reserve.

On May 23, he shared a news article on his official X account that covered legislative efforts to pass the Strategic Bitcoin Reserve (SBR) bill. The article also acknowledged Abbott’s long-standing support for digital assets and highlighted his role in making Texas more crypto-friendly.

Abbott’s track record includes signing several digital asset-related bills and actively courting Bitcoin mining firms to operate in Texas.

He has previously argued that the Bitcoin mining industry brings economic benefits and could help stabilize the state’s power grid. That grid has come under pressure in recent years due to extreme weather conditions and growing energy demand.

By amplifying the article, Abbott has fueled hopes that he may approve the bill once it lands on his desk. Industry voices, including Satoshi Action Fund CEO Dennis Porter, have interpreted the signal as a strong indication of support, saying:

“He’s definitely signing SBR into law.”

Texas Bitcoin reserve

This week, Texas lawmakers advanced plans to create a state-managed Bitcoin reserve. The proposed law recently cleared another hurdle and is now returning to the Senate for final approval of its amendments. If passed, it will be sent to the governor for his signature.

The bill authorizes the state comptroller to purchase Bitcoin using surplus General Revenue. These purchases would follow a reporting structure similar to that used for the state’s gold holdings. However, actual acquisition would not begin until procurement rules are set and storage contracts are finalized.

Under the proposed law, only assets with a market cap exceeding $500 billion for two consecutive years would qualify for inclusion. Currently, only Bitcoin meets this criterion.

If Texas moves forward, it would become one of the few US states to hold Bitcoin as a treasury asset. Such a move could set a regulatory example and reinforce the state’s position as a digital asset hub, especially given its ranking as one of the world’s largest economies.

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