The Texas Senate is set to hold a public hearing on Feb. 18 to discuss the establishment of a Bitcoin reserve, but market analysts say the move may be largely symbolic unless the state announces an immediate investment plan.

Sen. Charles Schwertner (R-Georgetown) introduced a bill on Wednesday that would create the Texas Strategic Bitcoin Reserve. The bill would not only establish a bitcoin reserve for the state, but also direct the comptroller's office to form a five-person committee to oversee the reserve.

Texas and Florida have already passed laws recognizing digital assets under the Uniform Commercial Code (UCC), giving cryptocurrencies a clearer legal standing. Texas has also moved forward with stablecoin regulation, recognizing their role in the crypto economy.

Sixteen U.S. states are actively considering legislation to establish Bitcoin reserves or enable crypto investments for public funds, with proposals ranging from 3-10% of state funds and varying requirements for security,

If all 20 bills introduced in 18 states to establish state-level bitcoin reserves are enacted, it could potentially lead to the buying of more than $23 billion worth of bitcoin — or some 247,000 bitcoins in total — and drive up the crypto’s price.

Twenty US states are pushing for Bitcoin reserve bills, and if passed, they could throw $23 billion (247,000 Bitcoins) into the crypto market, according to a prediction from VanEck analyst Matthew Sigel that was posted on X today.