Texas acquired $5M of BlackRock’s iShares Bitcoin Trust, marking a pioneering step toward creating the first state-level bitcoin reserve in the U.S.
Summary
- Texas has purchased $5 million of BlackRock’s iShares Bitcoin Trust as part of a $10 million legislated bitcoin reserve initiative.
- The state is finalizing guidelines and custodian selection for direct bitcoin holdings; the current move is a temporary allocation.
- Other states like Michigan, Wisconsin, New Hampshire, and Arizona are also exploring or implementing government-level crypto reserves.
Texas has acquired $5 million in shares of BlackRock’s iShares Bitcoin Trust, marking an initial step toward establishing a state-level bitcoin reserve, according to state officials.
The purchase follows legislation passed earlier this year that allocated $10 million for bitcoin accumulation, potentially making Texas the first U.S. state to create a dedicated cryptocurrency reserve for strategic purposes. Lee Bratcher, president of the Texas Blockchain Council, publicly acknowledged the state’s purchase in a statement last week.
Texas doubles down on Bitcoin
The state recently completed a formal information-gathering phase in which it solicited input from the cryptocurrency industry on structuring, securing and managing a Bitcoin (BTC) reserve. The process followed a request for information issued in September seeking industry best practices for reserve management. Multiple industry participants submitted responses detailing custody arrangements, security measures, investment structures and governance models, according to state documents.
Texas officials are expected to issue a formal request for proposal to select a custodian and finalize operational guidelines. The $5 million purchase represents a temporary allocation rather than direct bitcoin ownership while the state finalizes custodian contracts, according to sources familiar with the matter.
Other states have gained bitcoin exposure through public-employee retirement funds. Michigan has built positions in similar products, while Wisconsin sold a $350 million allocation in May, according to public records.
New Hampshire and Arizona are also pursuing government-level cryptocurrency reserves, though both remain in early development stages. New Hampshire passed legislation authorizing a bitcoin reserve, though no purchases have been made, according to State Representative Keith Ammon, a blockchain advocate. Last week, the New Hampshire Business Finance Authority authorized a $100 million bitcoin bond aimed at financing a cryptocurrency-backed economic development fund through the private sector.
Arizona passed legislation directing state-held unclaimed cryptocurrency assets into a dedicated reserve, establishing a foundation for future accumulation, though a full reserve structure has not been implemented.The state-level initiatives follow President Donald Trump’s support for a federal government Bitcoin investment. The administration issued an executive order to begin planning such a reserve, but officials involved in the effort are awaiting congressional authorization, according to administration sources.
