TX SB778

Establishes the Texas Strategic Bitcoin Reserve as a special fund outside the general revenue fund, administered by the comptroller to hold bitcoin as a state financial asset

Limits bitcoin purchases to no more than 1% of the unencumbered general revenue fund balance per biennium, and restricts acquisitions to entities located within Texas (excluding foreign countries and those known to engage in illegal activity)

Requires bitcoin to be stored using cold storage and secure custodial technologies isolated from internet connections, with the comptroller authorized to conduct regular security audits

Creates a 5-member advisory committee (including chairs of House Appropriations and Senate Finance, the comptroller, and one appointee each from lieutenant governor and speaker) to review reserve operations semiannually, with sunset date of September 1, 2035

Permits sale or conversion of reserve bitcoin only through a two-thirds concurrent resolution during legislative sessions, or by emergency order from the governor or Legislative Budget Board when the legislature is not in session