Texas Buys $5 Million In BTC ETF As States Edge Toward First Government Crypto Reserves

Texas has purchased $5 million worth of BlackRock's bitcoin ETF as an initial step toward creating the first state-level bitcoin reserve in the U.S.
'[O]ther states having previously invested in such funds with public-employee retirement money,' notes CoinDesk. 'Michigan has been building such an investment, and Wisconsin sold its $350 million pension-fund stake in the BlackRock ETF in May. From the report: A few weeks ago, Texas moved past its deadline to 'capture the industry's best practices so it can utilize these practices in the implementation and management' of its bitcoin BTC reserve, according to its formal request for information issued in September. Entities across the industry provided input on how it could set up and manage the stockpile conceived of in the Texas Strategic Bitcoin Reserve and Investment Act.

Last week, the state comptroller's office moved to secure $5 million in BlackRock's iShares Bitcoin Trust (IBIT) as a placeholder, a spokesman for the Texas Comptroller of Public Accounts told CoinDesk on Tuesday. It's an opening move as the state continues to work toward a contract with a custodian, he said, which will take place after it develops its formal request for proposal.

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