Texas allocated $5 million to purchase BlackRock’s IBIT spot ETF as the first step toward building a state-level strategic Bitcoin reserve.
Another $5 million has been set aside for a direct, self-custodied BTC purchase once the state finalizes its operational framework. The transaction was executed on November 20 and confirmed by the Texas Blockchain Council.
The program is funded through a $10 million allocation authorized under Senate Bill 21, which empowers the Texas Treasury Safekeeping Trust Company to manage a digital asset reserve. The plan requires each asset to hold a market cap above $500 billion, a threshold Bitcoin meets. Lawmakers noted that Ethereum could be added if it maintains that level for 24 consecutive months.
This roadmap places Texas alongside other entities accumulating IBIT, including Harvard and Abu Dhabi. Bitcoin currently trades near $86,600 after slipping 1.2% over the past 24 hours.
Source: https://x.com/lee_bratcher/status/1993374557617479942
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