Senator Charles Schwertner says Ethereum may soon qualify as Texas expands its Bitcoin reserve
Texas could soon diversify its state-backed cryptocurrency holdings beyond Bitcoin, according to state Senator Charles Schwertner, author of the bill that established the Texas Strategic Bitcoin Reserve earlier this year.
“If Ethereum maintains its market cap over 24 months, I think it’s reasonable and prudent to give direction that Ethereum could be added to the cryptocurrency reserve,” Schwertner said. “I’m really interested to see the speed at which they establish the reserve and how it acts from a returns standpoint.”
It's time for Texas to lead the way in establishing a Strategic Bitcoin Reserve. That’s why I filed SB 778, which, if passed and signed into law, would make Texas the first state in the nation to establish a Strategic Bitcoin Reserve. This would position our state at the… pic.twitter.com/dRdCt86Otr
Texas Governor Greg Abbott signed the Bitcoin reserve bill into law in June, allowing the state to hold digital assets in a “special fund outside the state treasury.”
Under the statute, any cryptocurrency must maintain an average market capitalization of at least $500 billion over the most recent 24 months to qualify as a reserve asset. Currently, only Bitcoin, valued above $2 trillion, meets that criterion.
Ethereum, with a market cap fluctuating near $500 billion, has briefly qualified twice — once during the 2021 bull run and again between August and October 2025. However, a price dip on Friday brought its capitalization back below the threshold to around $494 billion.
While several U.S. states have considered similar initiatives, few have moved forward. Both Arizona and New Hampshire passed crypto reserve laws in 2025, but their frameworks differ from Texas’ bold approach.
“We’re the only state that actually put sovereign money, taxpayer money, toward the reserve,” Schwertner said. “We took the full punch — establishing a reserve as well as the money behind it.”
The Texas Comptroller’s Office is currently assessing how to implement the law, including choosing regulated custodians to safeguard the reserve. Eligible custodians must be state or federally chartered financial institutions operating under Texas regulations.
The move follows President Donald Trump’s March executive order creating a U.S. Strategic Bitcoin Reserve and Digital Asset Stockpile, signaling growing national and state-level momentum for institutional crypto adoption.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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