Tag: texas

Texas buys $5mn BTC ETF, pushes for Bitcoin reserve plan

The post Texas buys $5mn BTC ETF, pushes for Bitcoin reserve plan appeared com. The state legislation sets aside $10 million for Bitcoin accumulation. Texas is preparing a formal tender to choose a custodian for the reserve. New Hampshire authorised a Bitcoin reserve and approved a $100 million Bitcoin bond. Texas is moving ahead with one of the most ambitious state-level crypto strategies in the country as it begins shaping the framework for a government Bitcoin reserve. The state has now taken its first formal step by acquiring $5 million in shares of BlackRock’s iShares Bitcoin Trust. The purchase is part of a wider plan triggered by legislation passed earlier this year, which allocated $10 million for future Bitcoin accumulation. The early activity positions Texas to become the first US state to hold a dedicated cryptocurrency reserve, giving it a lead in a growing competition among states exploring digital asset policies. Texas builds foundation for Bitcoin reserve The state has been gathering information from the cryptocurrency industry to help design how its reserve will operate. The review began after Texas issued a request for information in September seeking guidance on best practices for storage, security, and management. Industry groups sent detailed submissions covering custody models, investment structures, governance frameworks, and security systems. The process is part of a wider effort to ensure the reserve can be managed with clear procedures once it transitions from planning to execution. Texas officials are expected to follow this phase with a formal request for proposal. The tender will be used to select a custodian and determine the final operational rules for the programme. The recent $5 million allocation acts as a temporary measure rather than direct Bitcoin ownership while the state completes its selection process, according to a CoinDesk report. States explore government crypto strategies Other states have also gained exposure to Bitcoin, though through different channels. Michigan.