Texas has officially become the first U.S. state to purchase bitcoin for its treasury, marking a significant milestone in state-level adoption of the digital asset.
On November 20, the state acquired $10 million worth of bitcoin as part of its Strategic Bitcoin Reserve initiative.
Details of the purchase
The initial acquisition was executed through BlackRock’s spot bitcoin ETF, IBIT, at an average price of approximately $87,000 per bitcoin.
According to Texas Blockchain Council president Lee Bratcher, the move leverages the ETF structure to ensure regulatory compliance and ease of access as Texas develops its own custody framework.
Plans for self-custody
While the purchase was made via the ETF, Texas has stated its intention to eventually move to self-custody.
This would represent a shift from third-party custodianship to direct control over the state’s bitcoin holdings.
Legislative support and broader implications
The move follows recent legislative approval in Texas to formalize bitcoin as a strategic reserve asset.
This positions Texas as a pioneer among U.S. states in Bitcoin treasury management.
