Overview
- Officials confirmed Texas bought $5 million of BlackRock’s iShares Bitcoin Trust on Nov. 20 as the first deployment under its new Strategic Bitcoin Reserve.
- SB 21 authorized a $10 million allocation for the reserve, with eligibility limited to assets holding a 24‑month average market cap above $500 billion, which currently only includes Bitcoin.
- The ETF position is a placeholder while the state finalizes an RFP and custodian selection, after which remaining funds are intended for direct, self‑custodied Bitcoin.
- Texas Blockchain Council’s Lee Bratcher said the purchase was executed at an average basis near $87,000 per Bitcoin.
- Initial reports that the full $10 million was deployed were corrected to $5 million, as other states and institutions explore related ETF exposure and reserve models.