Texas has moved public money into Bitcoin exposure, buying $5 million worth of 
shares in a regulated Bitcoin exchange-traded fund. Related Reading: Bitcoin 
Creator Somehow Becomes ‘Poor’ By Losing $41 Billion Without Saying A Word 
According to reports, the state’s purchase was made on November 20, 2025, and 
it used the BlackRock iShares Bitcoin Trust (IBIT) to gain price exposure 
without immediately holding the cryptocurrency itself. The state set aside a 
total allocation of $10 million for its new Strategic Bitcoin Reserve. Lee 
Bratcher, who leads the Texas Blockchain Council, confirmed the state&#8217;s crypto 
purchase on X. State Uses ETF As Interim Step Reports have disclosed that 
officials chose the ETF route as a temporary measure while the state puts 
custody plans in place. The IBIT shares give Texas a stake that tracks 
Bitcoin’s market moves. Based on reports, the entry price equated to roughly 
$87,000 per BTC at the time of the buy. The buy represents half of the total 
allocation, leaving $5 million still available for future moves. TEXAS BOUGHT 
THE DIP! Texas becomes the FIRST state to purchase Bitcoin with a $10M 
investment on Nov. 20th at an approximately $87k basis! Congratulations to 
Comptroller @KHancock4TX and the dedicated investments team at Texas Treasury 
who have been watching this market… pic.twitter.com/wsMqI9HrPD — Lee ₿ratcher 
(@lee_bratcher) November 25, 2025 The move follows legislation passed earlier 
in the year. According to public records, the reserve program was created by 
Senate Bill 21, signed in June 2025. The law authorizes a capped budget for 
the reserve and sets conditions for what assets qualify. Reports have 
disclosed that Bitcoin met the criteria laid out in the measure, prompting the 
initial allocation. What Officials Say And What Comes Next According to state 
officials, the purchase is meant as a hedge and a way to diversify long-term 
holdings. An RFP process is expected to pick a custodian, with officials 
planning to transfer from ETF positions to direct custody once systems are 
ready. The request for proposals is slated for early 2026, based on public 
statements. Analysts noted the distinction between ETF shares and direct 
ownership. ETF holdings provide price exposure; they do not give the state 
direct control over on-chain Bitcoin wallets. That control would come only 
after the state completes its custody procurement and shifts assets into cold 
storage or similar solutions. Possible Broader Effects Market observers say 
the purchase is notable because it marks one of the first instances of a US 
state formally placing public funds into Bitcoin exposure. The amount is small 
relative to broader markets, yet symbolic. It may prompt other states to 
consider similar reserve strategies, especially where lawmakers favor 
diversification. Related Reading: Hamas Victims Sue Binance And CZ — 
Accusations Of Terror Financing Rock Crypto World Transparency And Oversight 
According to public filings, the state will publish details of the holdings 
and any custody plan updates. Oversight mechanisms built into the law require 
regular reporting, and the remaining $5 million allocation must follow the 
same rules before it is used. That reporting will be watched closely by 
lawmakers, taxpayers, and market watchers. The buying decision was made amid 
wide debate over how government bodies should handle crypto assets. Texas 
plans to move carefully, using regulated products first and then moving toward 
self-custody when the proper safeguards and vendors are chosen. Featured image 
from Pexels, chart from TradingView

Texas Drops $10 Million On Bitcoin, Officially Buying The Dip First

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