Texas has advanced its plan to build one of the nation’s first government-backed bitcoin reserves by purchasing $5 million worth of BlackRock’s iShares Bitcoin Trust (IBIT). The acquisition is an interim step as the state completes the remaining administrative processes under the Texas Strategic Bitcoin Reserve and Investment Act, which allocated $10 million earlier this year.
Officials said the ETF purchase serves as a placeholder while Texas finalizes its custodian selection and prepares a formal request for proposal. The initiative follows a recent effort to collect industry feedback on best practices for managing a state-level bitcoin reserve.
While this is not a direct bitcoin purchase, it marks a major milestone as states begin to consider long-term crypto investment strategies.
Some states have previously invested in bitcoin ETFs through pension funds, including Michigan and Wisconsin. Texas aims to be the first to hold bitcoin-linked assets directly as part of state reserves, with more states likely to join soon.
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