Bitcoin: Texas Buys $10M for Reserve

Texas Acquires $10 Million in Bitcoin for Strategic Reserve

• Texas purchased $10 million worth of Bitcoin on November 20 as part of its Strategic Bitcoin Reserve initiative.
• The initial purchase was made through BlackRock’s spot Bitcoin ETF, IBIT, at an average price of approximately $87,000 per coin.
• This marks Texas as the first U.S. state to buy Bitcoin for its treasury.
• The state plans to self-custody its Bitcoin in the future, moving away from ETF custody.
• The move follows legislative approval to formalize Bitcoin as a strategic reserve asset.

Texas has taken a pioneering step by purchasing $10 million in Bitcoin for its treasury, utilizing BlackRock’s ETF as an entry point while planning for future self-custody. This positions Texas at the forefront of digital asset adoption among U.S. states.