- Texas purchased $10 million in Bitcoin through BlackRock’s IBIT ETF at roughly $87K per coin.
- The buy marks the launch of the state’s Strategic Bitcoin Reserve, the first of its kind in the U.S.
- Texas plans to self-custody its BTC eventually, positioning itself as a leader in state-level crypto adoption.
Texas has officially made history, becoming the first U.S. state to purchase Bitcoin for its treasury. On November 20, state officials executed a $10 million buy as part of the newly approved Strategic Bitcoin Reserve — a move that could reshape how public institutions think about digital assets.
According to Texas Blockchain Council president Lee Bratcher, the initial allocation was completed through BlackRock’s spot Bitcoin ETF, IBIT, with the state acquiring BTC at an average price of around $87,000. While Texas ultimately plans to self-custody its Bitcoin, the ETF structure offers a compliant, fast, and transparent way to get exposure while the state finalizes its long-term storage framework.
The purchase follows the passage of legislation recognizing Bitcoin as a strategic reserve asset for the state, underscoring Texas’ ambition to lead in digital asset innovation. With this move, Texas signals a bold pivot toward integrating Bitcoin into public finance — and potentially sets the stage for other states to follow.
