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Texas Acquires $10 Million in Bitcoin for Strategic Reserve

Texas Acquires $10 Million in Bitcoin for Strategic Reserve

Texas completed its full $10 million Bitcoin investment via BlackRock’s IBIT ETF at around $87,000 per coin, marking the first U.S. state-level crypto acquisition and planning to shift to self-custody.

BTC

Summary

Texas finalized its strategic reserve Bitcoin purchase on November 20, acquiring $10 million worth at approximately $87,000 per Bitcoin through BlackRock's iShares Bitcoin Trust (IBIT) ETF. This makes Texas the first U.S. state to add Bitcoin to its holdings. The move completes the state’s previously announced allocation, which was initially reported as $5 million. Plans are in place to transfer the Bitcoin into state-managed self-custody, underscoring Texas’s long-term commitment to integrating cryptocurrency into its treasury strategy.

Terms & Concepts
  • Strategic Reserve: A government-controlled stockpile of assets intended for long-term security or economic stability.
  • Bitcoin: A decentralized digital currency operating without a central bank, secured through blockchain technology (distributed ledger).
  • Self-Custody: The practice of holding and securing one's own cryptocurrency without relying on third-party custodians.