Texas Becomes First U.S. State to Purchase Bitcoin for Treasury
- On November 20, Texas acquired $10 million worth of Bitcoin, establishing its Strategic Bitcoin Reserve.
- The purchase was made through BlackRock’s spot Bitcoin ETF, IBIT, at an average price of $87,000 per BTC.
- Lee Bratcher, President of Texas Blockchain Council, confirmed the acquisition was based on careful market monitoring by the Texas Treasury team.
- Texas plans to self-custody its Bitcoin in the future but is currently using the ETF for compliance and accessibility.
- This move follows Texas’ legislative recognition of Bitcoin as a strategic reserve asset, positioning it as a leader in digital asset adoption.
The decision to invest in Bitcoin reflects a growing focus on digital assets by government entities, with Texas setting an example for other states to follow.
With this purchase of $10 million in Bitcoin, Texas is paving the way for future governmental engagement with cryptocurrencies and may influence how public institutions manage digital currencies moving forward.
