Texas has officially stepped into the world of cryptocurrency, becoming the first state to move toward establishing a government-backed crypto reserve. In a groundbreaking move, the Texas Comptroller of Public Accounts confirmed the state has invested $5 million in BlackRock’s iShares Bitcoin Trust (IBIT), marking the initial step in a larger $10 million plan approved earlier this year to create the Texas Strategic Bitcoin Reserve.
This investment sets Texas apart as it races ahead of other states like Michigan and Wisconsin, which have only dipped into crypto indirectly via pension funds. In contrast, Texas aims to hold and manage bitcoin directly — a bold financial and political statement that could set a trend for other states looking to hedge against traditional monetary risks.
Legislation passed earlier this year in Texas appropriated $10 million for the initiative, with this ETF purchase serving as a strategic entry point while the state finalizes infrastructure and best practices for handling actual bitcoin. Texas recently concluded a formal inquiry process seeking advice from crypto industry insiders on how best to secure and manage its digital assets.
Texas Blockchain Council President Lee Bratcher praised the state for taking advantage of market conditions to “buy the dip,” acquiring its stake when bitcoin was trading at an advantageous $87,000. “Texas isn’t just talking about crypto — it’s making moves that could redefine how states think about digital reserves,” he said.
While other states like Arizona and New Hampshire are also exploring crypto reserves, Texas is now the clear frontrunner in the race. This move also aligns with President Donald Trump’s broader calls for federal cryptocurrency investments — although the federal effort remains stalled pending Congressional approval.
