Texas Seeks Custodian to Shift $10 Million Bitcoin Reserve From IBIT to Direct BTC
Texas has named a five-member advisory committee for its Strategic Bitcoin Reserve, adding formal oversight as the state moves toward direct Bitcoin custody and reserve management.
Multiple primary and secondary news sources independently confirm Texas is seeking a custodian to transition its approximately $10 million Strategic Bitcoin Reserve from BlackRock's IBIT ETF into directly held Bitcoin. The Cointelegraph report details the May 7 RFP, 60-day transition, and public disclosure requirement, while crypto.news corroborates the search for a custody and liquidity provider. Background from Pensions & Investments confirms the original IBIT purchase was always intended as an interim step toward self-custody.
Texas has moved closer to directly holding Bitcoin by naming the five-member advisory committee for its Strategic Bitcoin Reserve. According to the Texas Comptroller’s office, Acting Comptroller Kelly Hancock will serve on the committee, which was created to help guide reserve management. This adds a formal governance step to the state’s previously reported plan to shift about $10 million in Bitcoin exposure from BlackRock’s iShares Bitcoin Trust (IBIT) to directly custodied BTC through a qualified crypto custodian. The new input confirms the committee’s formation and Hancock’s role but does not add new figures or operational details beyond the advisory structure.
- Bitcoin Reserve: A government-held allocation of Bitcoin maintained as part of a treasury or strategic reserve framework.
- IBIT: BlackRock’s iShares Bitcoin Trust, a spot Bitcoin ETF that provides Bitcoin exposure through fund shares rather than direct ownership of BTC.
- Custody: The storage and safeguarding of digital assets, including security, access controls, reporting, and related operational management.