Overview
- Multiple reports say the state executed its initial allocation through BlackRock’s iShares Bitcoin Trust on or around Nov. 20.
- Coverage differs on the amount deployed, with some outlets citing a $5 million tranche from a $10 million authorization and others reporting the full $10 million.
- Lee Bratcher said the average entry price was roughly $87,000 per bitcoin and credited Comptroller Kelly Hancock and the treasury investments team for the decision.
- Senate Bill 21 established the Texas Strategic Bitcoin Reserve with a $10 million appropriation and empowered the treasury to manage the program.
- Texas used the ETF as a temporary access point and plans to issue an RFP after an industry RFI as it transitions to direct custody, with other states exploring similar strategies.