Texas Invests $5M in Bitcoin ETF for State Reserve

Texas has taken a pioneering step toward establishing a state Bitcoin reserve by investing $5 million in BlackRock’s IBIT Bitcoin exchange-traded fund (ETF). This move, approved under the Texas House Bill 1234, marks a significant development in the realm of sovereign cryptocurrency reserves. Lee Bratcher, President of the Texas Blockchain Council, highlighted that this initial investment serves as a precursor to eventual full on-chain Bitcoin custody. While waiting for internal reviews to conclude, the state has opted for BlackRock’s IBIT ETF for safekeeping.