- Texas bill builds on 2023’s H.B. 1598, leverages mining dominance; awaits third vote and House-Senate reconciliation.
- Strict eligibility may limit altcoins; Texas aims economic hedge, Ukraine’s reserve symbolic despite wartime hurdles in crypto sovereignty.
Texas lawmakers moved closer to establishing a state-managed Bitcoin reserve, with Senate Bill 21 (SB 21) clearing its second House reading by a 105-23 vote. The bill now awaits a third vote before heading to Governor Greg Abbott’s desk. If enacted, Texas would become the second U.S. state after New Hampshire to formalize a sovereign crypto reserve, reflecting a growing trend of governments exploring digital assets as economic safeguards.
The bill proposes a Texas Bitcoin Reserve to hedge against inflation and economic instability. It mandates the state comptroller to submit biennial reports detailing crypto holdings, valuations, and changes. A panel of experienced crypto investors would advise on asset management.
SB 21 sets strict eligibility rules: only cryptocurrencies maintaining a $500 billion market capitalization for 24 months qualify. This contrasts with New Hampshire’s more flexible approach, which Texas initially emulated. Amendments extended the market cap evaluation period from 12 to 24 months, raising the bar for altcoin inclusion.
SB 21 builds on 2023’s H.B. 1598, which first proposed a state crypto reserve. Texas, already a leader in U.S. Bitcoin mining due to favorable energy policies, aims to cement its role in digital asset adoption. However, the House and Senate must reconcile differing bill versions before final approval.
Ukraine is drafting legislation to create Europe’s first national Bitcoin reserve, spearheaded by MP Yaroslav Zhelezniak. The move signals broader acceptance of crypto reserves beyond U.S. states, despite Ukraine’s ongoing conflict and economic challenges.
In the U.S., Arizona’s governor recently vetoed a similar reserve bill but approved measures to handle unclaimed crypto assets. New Hampshire remains the only state with an active crypto reserve, though Texas’s larger economy could set a precedent for others.
Globally, such initiatives face hurdles like regulatory uncertainty and market volatility. Ukraine’s proposal, while symbolic, must navigate wartime fiscal pressures. For Texas, bipartisan support suggests political viability, but implementation will test the reserve’s effectiveness as an economic buffer.
Bitcoin (BTC) – Real-Time Price & Technical Analysis – May 21, 2025
Bitcoin (BTC) is currently trading at $109,195, up +2.19% today, and has set a new all-time intraday high of $109,359.59, signaling strong ongoing bullish momentum.
Over the past month, BTC has gained +28.37%, and it is now up +17.16% year-to-date, with a +53.10% return over the past year, reinforcing its position as the top-performing macro asset of 2025. Its market capitalization stands at $2.17 trillion, with 24h trading volume of $57.77 billion, indicating robust market participation.
Technically, Bitcoin has broken out of its recent consolidation channel and is now targeting resistance at $110,000, with upside potential toward $113,000 and $120,000 in the short term.
The recent double-bottom pattern around $101,800 has provided strong structural support, and all major moving averages are trending upward. Oscillators currently suggest neutral to bullish momentum, and sentiment across derivatives remains leveraged to the upside.
From a macro perspective, BTC’s surge is being driven by:
- Over $3.3 billion in inflows to U.S. spot Bitcoin ETFs in just ten days.
- Ongoing accumulation by institutions such as MicroStrategy and Metaplanet, which together added nearly $850 million in BTC this quarter;
- Regulatory clarity after the U.S. Senate passed a bipartisan crypto bill, fueling further institutional confidence.
