Texas launches the first Bitcoin reserve fund in the United States, with a budget of $10 million allocated to support the use of derivatives In June, the Governor of Texas signed the SB21 Act, announcing the establishment of the first state-level Bitcoin Strategic Reserve Fund in the United States that is supported by public funds and independent of the fiscal system, officially implemented. Unlike states such as Arizona and New Hampshire, which previously only had legislative authorization, Texas directly allocated $10 million and included it in the budget for this fiscal year. The fund will be managed by the state treasurer, protected by the HB4488 law and not subject to interference from the fund clearing mechanism, and will continue to exist even if no coins have been purchased yet. The bill establishes a clear framework for implementation: the Chief Accountant may operate reserves based on prudent investment principles, including buying, managing, trading, and using related proceeds to pay management fees. The fund can be used to purchase Bitcoin and eligible encrypted assets, and currently only Bitcoin's market value meets the $500 billion threshold. The Chief Accountant may also sign contracts with qualified cold wallet custodians and liquidity providers, who must meet the requirements of Texas registration, five years of experience, and audit acceptance. In addition, reserves can also establish Bitcoin exposure through derivatives, and the bill establishes a 5-person advisory committee responsible for policy design and valuation recommendations. Texas Congressman Capriglione stated that this move continues his policy advocacy of promoting precious metal custody repositories, with Bitcoin and gold providing the state government with diverse anti inflation tools. The Bitcoin policy research institution pointed out that state governments cannot print money or issue bonds, but they have to bear long-term obligations such as pensions. Establishing Bitcoin reserves can hedge against inflation and the depreciation of the US dollar. Texas' lead is also seen as a "policy laboratory" in response to the federal Bitcoin reserve strategy, and it is expected that the custodian institution will conduct a public tender through TTSTC, with potential candidates including Coinbase, Anchorage, and Fidelity. The Chairman of the Blockchain Committee emphasized the expectation that the reserve will truly master the private key rather than just investing in ETFs to ensure the holding of Bitcoin itself. With the gradual clarification of cryptocurrency regulation, Texas' move may become an important template for promoting the institutionalization of Bitcoin reserves in various states of the United States.