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Texas has officially joined the growing list of states in the U.S. transitioning to on-chain finance by passing a bill to protect Bitcoin reserves.

Key points:

Texas has become the first U.S. state to launch a publicly funded, independent Bitcoin reserve.

Other states, such as Florida and Arizona, have abandoned similar efforts.

The initiative follows President Trump's executive order aimed at establishing a federal strategic Bitcoin reserve.

Governor Greg Abbott signed Senate Bill 21 on Saturday, establishing a state-funded Bitcoin reserve, the first of its kind in the nation.

Unlike similar initiatives in Arizona and New Hampshire, Texas is creating an independent reserve fund completely separate from state finances.

Texas appoints auditor to oversee new Bitcoin fund

The fund will be overseen by Texas State Auditor Glenn Hegar, aimed at exploring Bitcoin's potential as a strategic asset class.

"We can buy land, we can buy gold; I believe Texas should have the option to evaluate the best-performing assets of the past decade," said Senator Charles Schwertner, the bill's author, earlier this year. $BTC