Key Takeaways
- Texas acquired $10 million in BTC on Nov. 20 as a part of its newly accepted Strategic Bitcoin Reserve initiative.
- The state made the preliminary buy by way of BlackRock’s IBIT ETF, with plans to self-custody sooner or later.
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Texas has grow to be the primary U.S. state to buy Bitcoin for its treasury, buying $10 million value of BTC on November 20 as a part of its newly established Strategic Bitcoin Reserve.
The preliminary purchase was executed by way of BlackRock’s spot Bitcoin ETF, IBIT, at a mean value of roughly $87,000 per coin, in accordance to Texas Blockchain Council president Lee Bratcher.
Whereas the state plans to self-custody its Bitcoin sooner or later, the ETF construction supplies a compliant and accessible entry level as Texas finalizes its custody framework.
The acquisition follows legislative approval to formalize Bitcoin as a strategic reserve asset, positioning Texas on the forefront of state-level digital asset adoption and signaling a broader shift in how public entities could method crypto treasury methods.
