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Happy Tuesday! The race for a state-level Strategic Bitcoin Reserve (SBR) is entering a new stretch, so we cover key updates for today’s newsletter — including the state that is closest to the finish line.

It’s about a 6 minutes read (click the links below to jump to a section!)

• The first SBR?

• Arizona SBRs

• Oklahoma SBR

• Texas SBRs

• Mining stocks are ripping (chart)

• Spain's electric nightmare (podcast)

Tuesday Morning Opens

The first Strategic Bitcoin Reserve? Comparing Arizona, Oklahoma and Texas

The state level SBR race is on, with Arizona in the lead–its just a governor’s signature away from passing the first state-level SBR.

There are now over 34 SBR bills across 22 states, with only 6 states dropping out so far. It’s likely we see several SBR pass bicamerally and head to governors desks for final signing next month!

We’ll break all the action down with the help of the tracking website, Bitcoin Laws.

Arizona SBRs

Impressively, Arizona had two bills slated for a final Senate vote this week–SB1373 and SB1025–and they both passed. Why two?

Well, they do different things plus the funding comes from different sources.

• SB1373 is similar to the executive order for the national stockpile: the reserve consists of seized assets and appropriations, not from additional purchases.

• SB1025 would allow the state, treasury, and retirement systems to invest up to 10% of their holdings into “virtual currencies.”

These two bills mirror what’s being discussed at a national level: a stockpile versus actively allowing the state to purchase more bitcoin (in this case, numerous digital assets).

Both AZ bills have crossed over the legislative finish line and just need a signature from Arizona governor Katie Hobbs.

However, it’s not a done deal; Hobbs is a Democrat and it’s possible that she might veto both bills as part of her ongoing budgetary and political fight with the Republican-controlled legislature.

Keep scrolling to get an update on Oklahoma and Texas’ efforts to get an SBR done!

Check out previous writeup comparing all the state-level SBRs, one of the most read piece’s from Blockspace in 2025.

Read: State-level Strategic Bitcoin Reserve proposals, explained

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Oklahoma SBR

In a close call of 6 to 5, the Oklahoma Revenue and Taxation Committee recently quashed HB 1203.

“It’s tough to lose a bill by one vote and we were optimistic we could get the bill to the Senate floor. Going into next year, we’re confident we know exactly what we need to get the job done,” Storm Rund, President of the Oklahoma Bitcoin Association, told Blockspace.

Many such cases.

A bill’s success or failure is typically more dependent on who’s sponsoring it and the prevailing attitude of the legislators than it is on the actual content of the bill itself.

For example, the Pennsylvania bill has similar language to Arizona’s, but it didn’t even make it to the House.

Why? The bill’s sponsor didn’t get reelected before the 2025 legislative session.

Oklahoma joins Montana, North Dakota, Pennsylvania, South Dakota, and Wyoming headed back to the drawing board for a 2026 attempt at an SBR.

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Texas SBRs

That’s right – multiple states have two SBR filings. Never to be out gunned, Texas has three SBR variants!

Generally, differences are:

• source of funding

• how the funding can be used

• and finer details such as disclosure or active management.

In the case of Texas, the three bills differ in strategy between actively managed vs. Bitcoin-hodl vs. limited crypto investments.

As with Arizona, these may not be mutually exclusive, but they can muddy the waters if the bills aren’t differentiated enough in the minds of legislators.

Here’s a quick comparison of the high points of the three Texas SBR bills.

Similarly, multiple Strategic Bitcoin Reserve bills exist in Ohio, Montana, North Carolina, Iowa, Florida, and Alabama.

While they don’t exactly mirror Texas’ own, there are similar overlaps and differences between them, usually concerning the source of funding and which assets the government can invest in.

What do you think about the SBRs? Reply with the state you’re from and we’ll let you know how its going!

Tweet of the Week

Bitcoin vs. gold is our favorite generational rivalry. It’s like a metaphor for the wider boomer-zillennial struggle. But as for us (and ignoring the fact that the reposted tweet shows a bar of soap, not gold), we’ll be going on the cigarette, canned food, and lead standard in the event of a complete grid collapse.

Chart of the Week

Bitcoin is up, and after a brutal 2025, bitcoin mining stocks are back with it. Now that they have a bid, had bitcoin miners seen their bottom for 2025? - link

Blockspace Podcasts

We jump on the podcast to discuss Spain's and Portugal's historic blackout event, with over 10 GW of missing energy on the Iberia Peninsula.

Christian Lopez from Cohen & Company Capital Markets joins The Mining Pod to discuss the surplus of mining sites, challenges private miners face in securing funding, and the complexities of the HPC/AI retrofit narrative. We also explore potential tariffs' impact on mining, the changing correlation between Bitcoin mining stocks and Bitcoin, and the evolving relationship between miners and institutional investors.

-CBS & CMH