Texas moves $10M Bitcoin reserve to direct holdings
6.7 Investments Texas is shifting its $10M Bitcoin reserve from an ETF to direct holdings, seeking a custody provider and forming a committee for oversight. The move aims to boost control and transparency over state crypto assets.
Texas is moving its $10 million Strategic Bitcoin Reserve from BlackRock’s iShares Bitcoin Trust (IBIT) ETF to direct Bitcoin holdings. This transition is expected to be completed within 60 days of signing the necessary contracts. As part of the process, Texas will formally search for a qualified custody and liquidity provider to acquire, hold, manage, and report on the state’s digital assets. Previously, the ETF acted as a temporary solution while Texas developed its direct custody framework. The new provider must ensure secure storage and effective liquidity management, with all assets held in the name of the State of Texas. An advisory committee has been established to oversee custody arrangements, risk management, and information disclosure. This move marks a significant shift from indirect ETF exposure to direct asset control and management. The reserve may grow through direct purchases, donations, forks, and airdrops, enhancing the state’s control and transparency over its Bitcoin holdings.
