Texas reportedly kicks off state bitcoin reserve with $5 million IBIT purchase: ‘More wild stuff’

Texas has reportedly initiated its state-managed Bitcoin Reserve, authorized under SB 21, with an approximate $5 million purchase of BlackRock's IBIT ETF on November 20, according to the Texas Blockchain Council. This transaction, if confirmed, would mark the first deployment of funds for the reserve, which is overseen by the Texas Treasury Safekeeping Trust Company, and potentially the first bitcoin purchase by a U.S. state. Lawmakers supporting the bill framed the reserve as a way for Texas to evaluate high-performing long-term assets like Bitcoin. The Texas Treasury Safekeeping Trust Company currently holds significant assets in SPY and a Janus Henderson fund; the reported $5 million IBIT purchase would become its third reported holding. This move follows other major entities, like an Abu Dhabi sovereign wealth fund and Harvard, increasing their IBIT exposure.

(Source：The Block)