Key Highlights
- Texas invests $10M in BTC via BlackRock’s IBIT, marking the first state-backed Bitcoin purchase.
- The move follows June’s SB 21, which created the first publicly funded state Bitcoin reserve.
- Texas plans to self-custody the BTC once its custody procurement process is complete.
Texas has executed the United States’ first state-funded Bitcoin acquisition, marking a major milestone in its digital-asset strategy just months after passing legislation to create a public Bitcoin reserve.
The Texas Treasury confirmed a $10 million purchase on November 20 at roughly $87,000 per BTC, a move officials described as the state’s initial step toward building a long-term digital asset position.
It all started in June
The transaction follows a bill signed in June by Governor Greg Abbott, which established the country’s first officially authorized and funded state Bitcoin reserve.
Senate Bill 21, backed by Senator Charles Schwertner and Representative Giovanni Capriglione, allocated $10 million for an initial purchase and passed with broad support in the Texas House (105–23). Unlike similar proposals in other states (Arizona and New Hampshire among them) Texas was the first to attach real capital rather than simply authorizing a reserve.
First Purchase Executed
According to Lee Bratcher, president of the Texas Blockchain Council, the state executed its first allocation via BlackRock’s iShares Bitcoin Trust (IBIT) while it develops its own self-custody framework.
Comptroller Glenn Hegar’s office is overseeing the early-stage implementation and will transition to direct custody after completing a formal procurement process.
BlackRock’s IBIT is now one of the largest single holders of Bitcoin globally, recently surpassing 800,000 BTC, roughly 3.8% of total supply, after steady inflows from institutional investors. Texas’ use of IBIT places the state among a growing list of public and private institutions that treat spot Bitcoin ETFs as acceptable infrastructure for regulated exposure.
Texas as a Bitcoin-friendly state
While the $10 million allocation represents just 0.0004% of statewide spending, officials say the symbolic value is greater. Texas lawmakers have been expanding the state’s crypto regulatory and economic footprint in recent years, including mining-industry protections and blockchain task-force initiatives.
The Bitcoin reserve is the clearest sign yet of the state’s intention to position itself as a national hub for digital-asset policy.
For now, Texas plans no additional disclosures until the custody RFP process concludes. But with IBIT’s role growing and state-level crypto policy accelerating, the inaugural purchase marks a turning point not just for Texas, but for how U.S. public institutions engage with Bitcoin.
Also read: Coinbase Moves to Texas from Delaware Amid State Rivalry
