TN SB2639

Authorizes the Tennessee state treasurer to invest up to 10% of the general fund, revenue fluctuation reserve, and other designated state funds in bitcoin, with purchases limited to 5% per fiscal year until the cap is reached

Requires bitcoin holdings to be secured through direct state custody, a qualified custodian (federally or state-regulated financial institution), or SEC/CFTC-approved exchange-traded products

Mandates the treasurer implement an internal self-custody system by July 1, 2028, holding at least 10% of state-owned bitcoin, with private keys stored in encrypted, air-gapped hardware across multiple geographic locations

Permits the treasurer to establish a voluntary program accepting bitcoin for state taxes and fees, with received bitcoin transferred to the general fund at market value

Requires biennial public reporting on holdings, transactions, and realized gains, plus a comprehensive performance evaluation to the legislature by October 1, 2032; effective July 1, 2026