Texas becomes first US state to buy $10 million in Bitcoin for strategic reserve
Crypto Briefing
Texas acquired $10 million in Bitcoin for its strategic reserve via BlackRock's IBIT ETF.Summary
Texas has made history by becoming the first U.S. state to purchase Bitcoin for its treasury, acquiring $10 million worth of BTC on November 20 as part of its new Strategic Bitcoin Reserve initiative. The initial purchase was executed through BlackRock’s spot Bitcoin ETF, IBIT, at an average price of around $87,000 per coin, according to the Texas Blockchain Council president, Lee Bratcher. Although the state intends to transition to self-custody of the Bitcoin eventually, utilizing the ETF provided a compliant and accessible initial entry point while Texas develops its final custody framework. This move signals a significant step in state-level digital asset adoption.
(Source：Crypto Briefing)