Sec. 403.703. ESTABLISHMENT AND ADMINISTRATION OF RESERVE. (a) The Texas Strategic Bitcoin Reserve is established as a special fund outside the state treasury. The comptroller has custody of and shall administer and manage the reserve. The reserve consists of: (1) money transferred or deposited to the credit of the reserve by legislative appropriation; (2) revenue that the legislature by general law dedicates for deposit to the credit of the reserve; (3) subject to Section 403.704 , bitcoin and other cryptocurrency purchased using money in or received by the reserve, including any cryptocurrency: (A) derived from the fork of a distributed ledger; or (B) distributed pursuant to an airdrop to the state's cryptocurrency addresses; and (4) investment earnings and interest or rewards earned on assets in the reserve. (b) In its administration and management of the reserve, the comptroller may acquire, exchange, sell, supervise, manage, or retain any kind of investment that a prudent investor exercising reasonable care, skill, and caution would acquire, exchange, sell, supervise, manage, or retain in light of the purposes, terms, distribution requirements, and other circumstances then prevailing for the reserve, taking into consideration the investment of all the assets of the reserve rather than a single investment. (c) The legislature may appropriate funds for deposit to the credit of the reserve for the purposes of: (1) investing in bitcoin or other cryptocurrency; and (2) administering and managing the reserve. (d) The comptroller may spend bitcoin or other cryptocurrency in the reserve or use the net proceeds from the sale of bitcoin or other cryptocurrency in the reserve to pay the reasonable costs associated with administering and managing the reserve. (e) Money in the reserve may be invested with the state treasury pool. (f) Except as provided by Section 403.706, the comptroller may not transfer money in the reserve to the state treasury unless authorized by the legislature in the General Appropriations Act or another law.
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