The Texas government has made a significant move in Bitcoin, purchasing $5 million worth of BlackRock's spot Bitcoin exchange-traded fund shares, and has also set aside another $5 million for self-custodied Bitcoin.
The state government made this purchase on November 20, and Texas Blockchain Council Chairman Lee Bratcher emphasized this initiative on X on Tuesday.
Bratcher stated that the Texas government will ultimately "self-custody Bitcoin," but due to ongoing process improvements, the initial $5 million "allocation was made through BlackRock's IBIT ETF."
He added, "The $10 million comes from general revenue allocations, but not all $10 million has been allocated."
The CEO of The Bitcoin Bond Company, Pierre Rochard, commented on Texas's purchase, stating that this move marks a significant shift in attitude towards Bitcoin in a short period, noting:
It is currently unclear whether this initiative is directly related to the state's strategic Bitcoin reserve plan.
In June, Governor Gregg Abbot officially authorized the creation of a state-managed fund to hold BTC as part of the state's long-term financial assets, utilizing public funds to establish a treasury.
According to the initial bill approved by Abbot, only assets with a market capitalization exceeding $500 billion are eligible for inclusion in the reserves, and Bitcoin meets this threshold, but BlackRock's IBIT does not.
However, this move still marks a step forward for Texas's BTC adoption plan.
While its Bitcoin program is advancing, Texas may not stop at digital gold.
In mid-October, Texas Senator Charles Schwertner—one of the legislators behind the state's strategic Bitcoin reserve bill—told Cointelegraph that if Ethereum (ETH) can reach and maintain a market cap above $500 billion, it could be next.
He said, "If Ethereum maintains its market cap within 24 months, I think it is reasonable and prudent to indicate that Ethereum could be added to the cryptocurrency [reserve]."
While some claim Texas is the first state to purchase BTC through IBIT, documents show that the Wisconsin Investment Board actually oversaw the purchase of nearly $100 million in IBIT shares last May.
Meanwhile, Bloomberg senior ETF analyst Eric Balachunas also emphasized on X on Tuesday that Texas has joined "Harvard and Abu Dhabi" in recently purchasing IBIT.
Despite the increasing acceptance of Bitcoin by the U.S. government under the Trump administration this year, IBIT has fallen about 10% year-to-date.
As of the time of publication, IBIT was priced at $49.56, with a post-market increase of only 0.22%.
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Original: “Texas Buys the Dip in Bitcoin (BTC), Acquiring $5 Million in BlackRock IBIT”
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